Archive for June, 2010
GlobalSCAPE® (GSB) Named To Computerworld’s 2010 List of Best Places to Work in IT
SAN ANTONIO–(BUSINESS WIRE)–GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it was chosen as a 2010 “Best Places to Work in IT” honoree by IDG’s Computerworld. Each year, Computerworld ranks the top 100 work environments for technology professionals. Organizations that are selected are those that challenge their IT staff with exciting projects, offer them access to and training with today’s hottest technology, and provide great benefits and compensation.
“To be among the Best Places to Work in IT, it’s not enough just to seek out and hire the most talented IT people, offer them competitive pay and provide great benefits,” said Scot Finnie, editor in chief of Computerworld. “The organizations that made this year’s Best Places to Work list sustain a dynamic work environment in which IT professionals keep their hands on the latest technologies and work on projects that are business critical.”
This 2010 “Best Places to Work in IT” award is one of several awards for which GlobalSCAPE has recently been recognized: GlobalSCAPE was named among the “Top 50 Workplaces in San Antonio” for 2009 by the San Antonio Express-News; in March, the company also was chosen as a winner of the 2010 “Product Innovation Awards for Managed File Transfer (MFT)” by Network Products Guide, the industry’s leading information technology research and advisory guide; and in April, the company was selected as one of the “Best Places to Work” for 2010 by the San Antonio Business Journal.
“We are honored to be among those companies recognized by Computerworld as an exceptional place for IT professionals to work,” said Jim Morris, president and CEO of GlobalSCAPE. “Technology is such an integral part of our company’s success, and we make it a priority to provide growth opportunities and challenges to our employees, in order to sustain an innovative culture. After all, keeping employees happy is critical to having satisfied customers.”
GlobalSCAPE develops and distributes software and hosted solutions, including services, for business customers to securely exchange information over the Internet and within their networks. The company’s products are used worldwide across a wide range of industries, including government organizations, and in some of the largest corporations in the world, including 95 of the Fortune 100. GlobalSCAPE solutions facilitate delivery of critical information such as financial data, medical records, customer files and similar data documents while supporting information protection approaches to meet privacy, security, and compliance requirements.
About Best Places to Work in IT
Since 1994, Computerworld’s annual “Best Places to Work in IT” feature has ranked the top 100 work environments for technology professionals, based on a comprehensive questionnaire regarding company offerings in categories such as benefits, diversity, career development, training and retention.
About Computerworld
Computerworld is the leading source of technology news and information for IT influencers worldwide, providing peer perspective, IT leadership and business results. Computerworld’s award-winning Web site (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.computerworld.com&esheet=6329988&lan=en-US&anchor=www.computerworld.com&index=4&md5=5736ca5081f447afb5b118e352c1ea01), bi-weekly publication, focused conference series and custom research forms the hub of the world’s largest (40+ editions) global IT media network. In the past five years alone, Computerworld has won more than 100 awards, including 13 American Society of Business Publication Editors (ASBPE) awards in 2009, the 2009 Best Blog from the Neal awards, and 2006 Best Overall Web Publication from ASBPE. Computerworld leads the industry with an online audience of over 3 million unique, monthly visitors and a print audience of 1,059,000 readers each issue (IntelliQuest CIMS Fall 2009). Computerworld is published by IDG Enterprise, a subsidiary of International Data Group (IDG), the world’s leading media, events, and research company. Company information is available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idgenterprise.com&esheet=6329988&lan=en-US&anchor=www.idgenterprise.com&index=5&md5=bb0662d7932e60d6f61474f71a2675d1.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of CuteFTP in 1996, GlobalSCAPE’s solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE’s products and services, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.globalscape.com&esheet=6329988&lan=en-US&anchor=www.globalscape.com&index=7&md5=de604962e63b9828940b07751d0e715f or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” “believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
DemandTec (DMAN) Appoints Rob Culin VP of Shopper Insights and Strategic Programs
SAN MATEO, Calif., June 21 /PRNewswire-FirstCall/ — DemandTec, Inc. (Nasdaq:DMAN – News), a leading provider of on-demand optimization solutions for retailers and consumer products companies, today announced that Rob Culin has joined the company as Vice President of Shopper Insights and Strategic Programs. Culin will take the leadership role in developing DemandTec’s consulting services to leverage insights, software, and consulting services to create collaborative programs between retailers and consumer products manufacturers.
Culin was most recently Senior Vice President, U.S. Manufacturer Practice Leader for dunnhumby where he was successful in creating customer value through shopper insights and brand loyalty. Culin was previously a Principal for Kurt Salmon Associates, a global management consulting firm. He started his career at Andersen Consulting and at AT Kearney. He also spent six years at Kraft Foods in a number of roles including Brand Management and Strategic Planning. He holds an MBA from the Kellogg Graduate School of Management at Northwestern University and a BA in Engineering and Economics from Brown University.
“Rob’s prior experience and successes will enhance our ability to serve the market with world-class consulting and implementation services around the DemandTec Shopper Insights™ solution,” said Dan Fishback, Chief Executive Officer for DemandTec. “His track record of creating customer value in his previous roles will be a great asset for DemandTec, and we are pleased to have him join our team.”
In related news, DemandTec also announced today that Target Corporation, the second largest general merchandise retailer in the United States, has selected the DemandTec Shopper Insights™ solution to complete its planned deployment of DemandTec’s entire nextGEN solution suite.
Culin said “This is an exciting time for DemandTec, both with the recent launch of its Shopper Insights solution and today’s announcement that Target has selected DemandTec Shopper Insights. I’m thrilled to be joining such a seasoned team at such an exciting time, and look forward to ensuring our customers’ success.”
About DemandTec
DemandTec (NASDAQ:DMAN – News) enables retailers and consumer products companies to optimize merchandising and marketing decisions, individually or collaboratively, to achieve their sales volume, revenue, shopper loyalty, and profitability objectives. DemandTec software services utilize DemandTec’s science-based software platform to model and understand consumer behavior. DemandTec customers include more than 230 leading retailers and consumer products manufacturers such as Ahold USA, Best Buy, ConAgra Foods, Delhaize America, General Mills, H-E-B Grocery Co., Hormel Foods, Monoprix, PETCO, Safeway, Sara Lee, Target, The Home Depot, Wal-Mart and WH Smith. Connected via the DemandTec TradePoint Network™, DemandTec customers have collaborated on over 3.2 million trade deals. For more information, please visit http://www.demandtec.com/.
DemandTec Safe Harbor
This press release contains forward-looking statements regarding DemandTec’s expectations, hopes, plans, intentions or strategies, including statements about the benefits of DemandTec’s solutions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in DemandTec’s documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to DemandTec as of the date hereof, and DemandTec assumes no obligation to update these forward-looking statements.
Ralcorp Holdings (RAH) to Acquire American Italian Pasta Company (AIPC)
ST. LOUIS, and KANSAS CITY, Mo., June 21 /PRNewswire-FirstCall/ — Ralcorp Holdings, Inc. (NYSE: RAH) (“Ralcorp”) and American Italian Pasta Company (Nasdaq: AIPC) (“AIPC”) today announced that the Boards of Directors of both companies have unanimously approved a definitive merger agreement under which Ralcorp will acquire all of the outstanding shares of AIPC common stock for $53.00 per share in cash, for a total purchase price of approximately $1.2 billion, net of cash acquired.
Under the terms of the agreement, Ralcorp will commence a tender offer to acquire all of the outstanding shares of AIPC common stock for $53.00 per share in cash. The transaction is expected to close during Ralcorp’s fourth fiscal quarter ending September 30, 2010 and is subject to customary closing conditions and regulatory approvals, as well as a majority of the outstanding shares of AIPC common stock being validly tendered and not withdrawn in the tender offer. Ralcorp intends to fund the transaction through a combination of cash on hand, borrowings under existing credit facilities, a bridge facility for which it has received a commitment letter or other debt or equity arrangements. Upon completion of the transaction, AIPC will become a wholly-owned subsidiary and will operate as an independent division of Ralcorp, reporting to Kevin J. Hunt, co-chief executive officer and president of Ralcorp, who oversees the company’s existing Snacks, Sauces and Spreads and Frozen Bakery Products businesses.
“We are excited about the addition of AIPC to the Ralcorp family,” said Mr. Hunt. “This transaction strengthens our position as a diversified provider of private label and branded food products, and we anticipate that by adding AIPC’s number one position in private label dry pasta, strategically-located production facilities, solid brands and top-tier customer base to Ralcorp’s capabilities, we will be able to better address a broader spectrum of customer and consumer needs.”
“We are delighted to welcome AIPC’s talented and dedicated employees to Ralcorp,” added David P. Skarie, co-chief executive officer and president of Ralcorp. “We expect AIPC’s workforce to be an important part of Ralcorp’s continued growth and success and we intend to continue to invest in the combined business for sustainable and profitable growth.”
“This transaction with Ralcorp creates significant value for AIPC’s stockholders, customers and employees,” said Jack P. Kelly, president and chief executive officer of AIPC. “This transaction provides immediate cash value to our stockholders at a premium that is reflective of the strength of our business. We believe that the addition of AIPC’s products to Ralcorp will help create a stronger, more diversified company with long-term advantages for both companies’ customers and employees. We look forward to working closely with the Ralcorp team to complete the transaction as expeditiously as possible and to ensure a smooth transition.”
Expected Benefits of the Ralcorp and AIPC Combination
The combination of Ralcorp and AIPC leverages their complementary product offerings and market strengths and unites two companies with rich traditions of delivering quality and value to their customers and consumers. This combination is expected to result in:
- the creation of a larger, stronger business with a diversified but complementary portfolio of high-quality private label and branded products;
- a strong, combined financial profile, with an anticipated increase in fully diluted earnings per share of at least $0.50 for fiscal 2010, on a pro forma basis as if this transaction, as well as Ralcorp’s recent acquisitions of North American Baking Ltd. and J.T. Bakeries Ltd. had been completed as of the beginning of the fiscal year and before one-time costs associated with this transaction; and
- a deeper understanding of private label and branded food categories, which will allow for the application of the combined expertise, knowledge and customer relationships over a broader product base.
Ralcorp has substantial experience integrating acquisitions, having completed over 20 acquisitions in the past 10 years. Ralcorp has assembled an experienced team who will be working closely with AIPC management to plan and facilitate a successful integration of AIPC in an effort to realize the benefits inherent in this transaction.
Conference Call
Ralcorp will host a conference call today at 9:00 a.m. EDT to discuss the transaction. For access to the call via live audio webcast, please visit the investors section of Ralcorp’s website at www.ralcorp.com. Analysts and investors may access the call by dialing 1-866-610-1072; outside the U.S., dial 1-973-935-2840.
A rebroadcast will be posted as soon as it is available and will remain posted until July 5, 2010 by calling 1-800-642-1687 in the U.S. and 1-706-645-9291 outside the U.S. The PIN number for both the conference call and the rebroadcast is 83096717. An archive of the webcast will be posted as soon as it is available and will remain posted for 30 days in the investor relations section on Ralcorp’s website at www.ralcorp.com.
About Ralcorp
Ralcorp produces Post-branded cereals, a variety of value brand and store brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers, and frozen bakery products sold to in-store bakeries, restaurants and other foodservice customers. Ralcorp’s diversified product mix includes: ready-to-eat and hot cereals; nutritional and cereal bars; snack mixes, corn-based chips and extruded corn snack products; crackers and cookies; snack nuts; chocolate candy; salad dressings; mayonnaise; peanut butter; jams and jellies; syrups; sauces; frozen griddle products including pancakes, waffles, and French toast; frozen biscuits and other frozen pre-baked products such as breads and muffins; and frozen dough for cookies, Danishes, bagels and doughnuts. For more information about Ralcorp, visit the company’s website at www.ralcorp.com.
About American Italian Pasta Company
Founded in 1988 and based in Kansas City, Missouri, American Italian Pasta Company is a leading producer of dry pasta in North America. AIPC has four plants that are located in Columbia, South Carolina; Excelsior Springs, Missouri; Tolleson, Arizona and Verolanuova, Italy. AIPC has approximately 675 employees located in the United States and Italy. For more information about AIPC, visit the company’s website at www.aipc.com.
Forward Looking Statements
This document contains forward-looking statements which are within the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the expected timing, completion and effects of the proposed acquisition and the financial condition, results of operations, plans, objectives, future performance and business of Ralcorp and the combined company, including statements preceded by, followed by or that include the words “believes,” “projects,” “targets,” “should,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “will,” “can” or similar expressions. These forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties. There are a number of important factors which could cause Ralcorp’s or AIPC’s actual results to differ materially from those anticipated by the forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. These factors include, but are not limited to: (1) the ability to consummate the proposed transaction; (2) receipt of regulatory approvals without unexpected delays or conditions; (3) changes in estimates of future earnings and cash flows; (4) changes in expectations as to the closing of the transaction; (5) an increase in costs of packaging materials, ingredients, or raw materials, including durum wheat; (6) competitive pressures among branded and private label manufacturers increasing significantly; (7) general economic and business conditions that adversely affect the companies or their suppliers, distributors or customers; (8) expected synergies and cost savings are not achieved or achieved at a slower pace than expected; (9) integration problems, delays or other related costs; (10) retention of customers and critical employees; (11) the cost of capital necessary to financing the transaction; (12) unanticipated changes in laws, regulations, or other industry standards affecting the companies; and (13) those referenced in Item 1A of Ralcorp’s Annual Report on Form 10-K for the year ended September 30, 2009, under the heading “Risk Factors” or in Item 1A of AIPC’s Annual Report on Form 10-K for the year ended October 2, 2009, under the heading “Risk Factors.”
Important Information About the Tender Offer
This press release is for informational purposes only and does not constitute an offer to purchase nor a solicitation of an offer to sell any securities of AIPC. Ralcorp has not commenced the tender offer for the shares of AIPC common stock described in this press release. The solicitation and offer to purchase shares of AIPC common stock will only be made pursuant to a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents.
Upon commencement of the tender offer, Ralcorp will file with the SEC a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents. In addition, AIPC will file with the SEC a tender offer solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer. These documents will contain important information, including the terms and conditions of the tender offer. Investors and security holders are urged to read each of these documents and any amendments to these documents carefully when they are available prior to making any decisions with respect to the tender offer.
Investors and security holders will be able to obtain free copies of these materials (when available) and other documents filed with the SEC by Ralcorp or AIPC through the web site maintained by the SEC at www.sec.gov. In addition, Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents may be obtained (when available) for free by contacting Ralcorp at 800 Market Street, Suite 2900, St. Louis, MO 63101, (314) 877-7000 and the Schedule 14D-9 may be obtained (when available) for free by contacting AIPC at 4100 N. Mulberry Drive, Suite 200, Kansas City, Missouri 64116, (816) 584-5000.
EF Johnson Technologies, Inc. (EFJI) Announces Amended Merger Agreement with Francisco Partners
IRVING, Texas, June 21 /PRNewswire-FirstCall/ — EF Johnson Technologies, Inc. (Nasdaq: EFJI) today announced that it has entered into an amendment to its merger agreement with an affiliate of Francisco Partners. Under the terms of the amended merger agreement, an affiliate of Francisco Partners will acquire all of the outstanding shares of EF Johnson Technologies’ common stock for $1.50 per share in cash. This is an increase of over 42% over the $1.05 per share cash purchase price contemplated by the parties’ original merger agreement previously announced on May 17, 2010. EF Johnson Technologies’ Board of Directors unanimously approved the amended merger agreement.
“Our amended merger agreement with Francisco Partners provides increased all-cash premium value to our stockholders and reflects Francisco Partners’ strong commitment to the transaction,” said Michael E. Jalbert, Chairman of the Board and Chief Executive Officer of EF Johnson Technologies, Inc. “We are proud of the value we have delivered to our stockholders through this amended merger agreement, and are excited to work closely with Francisco Partners to complete the transaction as expeditiously as possible.”
In addition to increasing the cash purchase price, the amendment increases the termination fees payable under certain circumstances, increases the amount of allowable transaction expenses and amends certain representations and warranties contained in the merger agreement. The transaction remains subject to customary closing conditions. As in the original merger agreement, there is no financing condition to the obligations of Francisco Partners to consummate the transaction.
Raymond James & Associates, Inc. is acting as the Company’s financial advisor in connection with the transaction, and Haynes and Boone, LLP is acting as the Company’s legal counsel. Shearman & Sterling LLP is acting as Francisco Partners legal counsel.
About EF Johnson Technologies, Inc.
Headquartered in Irving, Texas, EF Johnson Technologies, Inc. focuses on innovating, developing and marketing the highest quality secure communications solutions to organizations whose mission is to protect and save lives. The Company’s customers include first responders in public safety and public service, the federal government, and industrial organizations. The Company’s products are marketed under the EFJohnson, 3e Technologies International, and Transcrypt International names and are Made in America. For more information, visit http://www.EFJohnsonTechnologies.com.
About Francisco Partners
With approximately $5.0 billion of committed capital and offices in San Francisco and London, Francisco Partners is one of the world’s largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies. The principals of Francisco Partners have a proven track record, having invested in excess of $4.0 billion of equity capital in over 50 technology companies. For additional information, visit www.franciscopartners.com.
Additional Information About the Transaction
In connection with the proposed transaction, EF Johnson Technologies will file a proxy statement and relevant documents concerning the proposed transaction with the Securities and Exchange Commission (SEC). The definitive proxy materials will contain important information regarding the merger, including, among other things, the recommendation of EF Johnson Technologies’ board of directors with respect to the merger. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS THAT EF JOHNSON TECHNOLOGIES FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You will be able to obtain the proxy statement, as well as other filings containing information about EF Johnson Technologies, free of charge, at the website maintained by the SEC at www.sec.gov. Copies of the proxy statement and other filings made by EF Johnson Technologies with the SEC can also be obtained, free of charge, by directing a request to EF Johnson Technologies, Inc., 1440 Corporate Drive, Irving, Texas 75038, Attention: Investor Relations.
Participants in the Solicitation
The directors and executive officers of EF Johnson Technologies and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding EF Johnson Technologies’ directors and executive officers is available in its Annual Report on Form 10-K filed with the SEC on March 31, 2010, and its Form 10-K/A filed with the SEC on April 30, 2010. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Investors should read the proxy statement carefully when it becomes available before making any voting or investment decisions.
Cautionary Statement Regarding Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. One can identify these forward-looking statements by the use of the words such as “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Actual results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: the ability to obtain regulatory approvals of the acquisition on the proposed terms and schedule; the failure of EF Johnson Technologies’ stockholders to approve the acquisition; the risk that the acquisition may not be completed in the time frame expected by the parties or at all. Additional information regarding factors that may affect future results are described in EF Johnson Technologies’ filings with the Securities and Exchange Commission, including, without limitation, Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. EF Johnson Technologies, Inc. does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of the press release.
Uranium Energy Corp. (UEC) Discovers New Exploration Zone and Reports Strong Drill Results
Company Intersects 17.5 Feet Grading 0.54% U3O8 in New G-Sand Trend, Reports Results from Additional 101 Drill Holes Now Completed and Logged in Ongoing Exploration Program
NYSE Amex Equities Exchange Symbol – UEC
CORPUS CHRISTI, TX, June 22 /PRNewswire-FirstCall/ – Uranium Energy Corp (NYSE-AMEX: UEC, the “Company”) is pleased to announce ongoing success with the Company’s exploration drilling program at its Palangana project located in South Texas. The Company initiated a 215-hole drilling program in early February on six exploration zones, and reported the results from the first 87 holes on March 15. This release addresses results from the next 101 holes that have now been completed and logged and highlights results from the new and highly prospective G-sand trend.
This follows the Company’s news release dated June 15 which reported that, concurrent with the exploration drilling campaign, the Company has initiated the development and construction of the wellfield and the disposal well for the first production zone (Production Area 1 or PAA-1). The Palangana project is fully permitted for production. It is a prior-producing in-situ recovery (ISR) project located in the South Texas uranium belt approximately 100 miles south of the Company’s fully licensed Hobson processing plant. The plan is to produce and ship uranium-bearing resins from Palangana to Hobson starting in the fourth quarter this year for further processing into yellowcake.
The current exploration drilling program is addressing a newly developed G-sand trend that extends for 4.5 miles as well as the six known exploration zones where the Company has already established an NI 43-101-qualified Inferred resource of more than one-million pounds U3O8. A map of the production and exploration zones at Palangana is located here: http://uraniumenergy.com/_resources/Palangana-Area-Map.jpg
Amir Adnani, President and CEO, stated, “We are very pleased with the exploration results to date at Palangana. Clearly, the resource will increase. In addition to expansion and further delineation of the six known exploration trends, we are very excited by the preliminary discovery of the G-sand mineralization.”
Discovery of New G-Sand Trend
The new G-sand trend was recognized through detailed mapping of areas marginal to and down dip of the Palangana Dome rim, where roll front deposits of uranium are known to occur. This newly discovered trend is approximately 4.5 miles in length.
A total of 19 holes have been drilled and logged along this new trend, with 5 of the holes exhibiting grade-thickness (GT) values of 0.3 or higher. The Company considers these results very encouraging for a newly discovered area. Importantly, hole 2845 had an intercept of 17.5 feet of 0.541% U3O8, resulting in a GT value of 9.467. Hole 2832 had an intercept of 16 feet of 0.085% U3O8, resulting in a GT value of 1.360. GT is the length of the intercept measured in feet multiplied by the average percentage of U3O8 present. Company engineers estimate that zones with GT greater than 0.3 will be shown to be producible.
Drilling from Six Known Exploration Zones
An additional 82 holes have been drilled within the known exploration trends, primarily the Jemison Fence and Palangana East areas. Of these 82 holes, 14 had a grade-thickness product (GT) greater than 1.0 with the Prompt Fission Neutron (PFN) tool, and 33 of the 82 holes, or approximately 40%, had a GT greater than 0.3 with the PFN tool. Of the entire drilling program to date, nearly half of the 188 holes have intercepts with GT greater than 0.3. As noted above, Company engineers estimate that zones with GT greater than 0.3 will be shown to be producible. A properly calibrated PFN tool provides a reading that directly approximates the uranium content. The Palangana East trend was earlier known as the CC Brine trend.
The following table lists the results from the 14 drill holes where PFN logging shows intercepts with a GT greater than 1.0.
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DRILL HOLE DESCRIPTION PFN LOG
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GT -
Total Depth in Thickness Grade Grade
Hole Associated Depth Feet to in in % times
Number Trend of Hole Intercept Feet cU3O8 Thickness
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2815 Palangana East 420 358.5 8 0.716 5.728
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2782 Palangana East 420 360.5 9 0.451 4.059
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2763 Jemison Fence 380 346.5 5.5 0.412 2.266
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2781 Palangana East 420 371 16.5 0.136 2.244
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2807 Palangana East 420 381.5 4.5 0.491 2.209
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2757 Palangana East 420 376 9 0.218 1.962
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2785 Dome 320 258.5 7.5 0.236 1.77
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2815 Palangana East 420 366.5 5 0.3 1.5
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2831 Jemison Fence 400 347.5 10 0.144 1.44
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2796 Palangana East 420 365 4.5 0.266 1.197
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2773 Palangana East 360 286.5 6.5 0.171 1.111
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2820 Dome 340 252 10 0.11 1.1
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2765 Palangana East 320 294.5 8.5 0.126 1.071
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2782 Palangana East 420 371 7 0.147 1.029
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Moving Forward
Exploration drilling will continue through June to further define the new G-sand trend and to assess if the trend, or parts of the trend, will be producible through in-situ recovery methods. Detailed mapping of the entire Palangana Dome structure will continue, and new trends will be tested through drilling as they are identified. Evaluation of the former Union Carbide wellfields, as previously reported in the Company’s news release dated March 15, will also continue.
The Company will announce drill results as they become available, both in the exploration trend areas and the newly developed trend described above. Updated resource estimates will be provided at the conclusion of the drill program and prior to start-up of production in the fourth quarter of this year.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by Andrew W. Kurrus, PG, Manager of Texas Exploration for the Company, a qualified person under policy NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the fully-permitted Palangana in-situ recovery project, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
Stock Exchange Information:
NYSE-AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
Notice to U.S. InvestorsThe mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources indicated mineral resources or inferred mineral resources referred to in this news release and in the Technical Report are economically or legally mineable.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Banro (BAA) Ships Gold Plant from Australia and Signs Milestone Agreements
TORONTO, June 16 /CNW/ – Banro Corporation (“Banro” or the “Company”) (NYSE AMEX – “BAA”; TSX – “BAA”) is pleased to announce that the reconditioned gold processing plant, which the Company acquired in 2009 for re-assembly at its wholly-owned Twangiza gold project in the Democratic Republic of the Congo (the “DRC”), was shipped from Australia and is scheduled to arrive at the Port of Mombassa, Kenya in July. The plant will then be transported by truck in 140 forty-foot containers to the Twangiza site, where assembly will begin once civil construction for the plant has been completed. An additional set of containers, holding newly engineered components for the process plant, will be shipped to site from South Africa.
The Company remains on schedule to complete construction of the first phase of the Twangiza gold mine in the fourth quarter of 2011.
The Company is also pleased to announce that it has signed a Memorandum of Understanding (the “MOU”) with the Community of Luhwindja and a separate Agreement with the leadership of the Twangiza artisanal miners, which provides social and economic benefits to both communities and creates a partnership among the parties in support of the development of the Twangiza project. Participating in both signing ceremonies were the four South Kivu Ministers of Mines, Agriculture, Interior and Public Infrastructure, and the President of the Provincial Assembly. All four Ministries, together with the South Kivu Governor’s office, were active participants in overseeing the process leading up to the official signings. Among the other dignitaries and community leaders who participated in both the consultations and the ceremony were the Mwamikazi (Chief) of Luhwindja and the Chef de Poste of Burhinyi. Several local members of the Provincial Assembly also attended.
Under the terms of the MOU, the Banro Foundation, the Company’s registered DRC charity, will continue to invest as it has done since 2005 in major social infrastructure projects such as schools, health clinics, potable water projects, community facilities and roads and bridges, with the goal of continually enhancing the quality of life and economic opportunities for the thousands of people living in and near Luhwindja. The MOU also supports the Resettlement Program that is currently underway within the Community.
The Agreement with the artisanal miners provides employment for 875 people who are being assigned to various jobs associated with mine construction. An additional 400 former artisanal miners have chosen to participate in life and work skills training through local NGOs under the supervision of Banro and the Banro Foundation, with financial support from Banro. The Company is also funding a project under the Agreement to reintroduce 200 former artisanal child miners into the normal educational cycle.
These two agreements follow the official signing in January 2010 of the Resettlement and Compensation Agreement with the Community and the Provincial Government. This Agreement provides compensation for the families who are being relocated from the mine site to the nearby and newly built community of Cinjira at levels exceeding the compensation levels set out in the Mining Code of the DRC and the guidelines of the International Finance Corporation, an agency of the World Bank. The four South Kivu Ministries and the two Mwamis as noted above, as well as many other community leaders and representatives at different levels, participated in these earlier discussions and the January signing ceremony of the Resettlement and Compensation Agreement.
Banro is a Canadian-based gold exploration and development company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, the Company has commenced construction of “phase one” of its flagship Twangiza project. Banro’s strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding future gold production and the future thereof and the Company’s exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the Twangiza study and mine plan; failure to establish estimated mineral resources or mineral reserves (the mineral resource and mineral reserve figures for Twangiza are estimates and no assurances can be given that the indicated levels of gold will be produced); fluctuations in gold prices and currency exchange rates; inflation; gold recoveries for Twangiza being less than those indicated by the metallurgical test work carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; political developments in the DRC; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company’s activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 29, 2010 filed on SEDAR at http://www.sedar.com/ and EDGAR at http://www.sec.gov/. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information
please visit our website at http://www.banro.com/, or contact: Martin Jones, Vice-President, Corporate Development, Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938
Magic Software (MGIC) Named to SD Times 100 in the SOA and Middleware Award Category
IRVINE, Calif., June 16 /PRNewswire-FirstCall/ — Magic Software Enterprises Ltd. (Nasdaq:MGIC – News), a global provider of on-premise and cloud-enabled application platform and business integration solutions, today announced it was named to the SD Times 100 in the SOA and Middleware award category. Magic Software was chosen by SD Times editors as an industry “top leader, innovator and influencer,” demonstrating its ability to set the agenda and advance state of the art technology in software development.
Since 2003, the SD Times 100 has evaluated companies based on their offerings, reputation and “buzz” from the industry. Editors chose Magic Software for its success and momentum in 2010 as a company that provides value to customers by simplifying the process of building and integrating business applications.
“The software development industry is led by innovative companies like Magic Software,” said Alan Zeichick, editorial director of BZ Media’s SD Times. “When choosing the 2010 SD Times 100, we carefully considered each organization’s products and services, reputation with software development managers, and the new ideas and thought leadership that it brings to the industry. Thanks to companies like Magic Software, a leader in on-premise and cloud-enabled application platform and business integration solutions, the art and science of software development continues to advance at a rapid pace.”
Tools that reduce the complexity of application development and business integration are critical to the success and return on investment associated with business processes. Magic Software’s uniPaaS application platform enables the development of on-premise and cloud applications from one development effort. It allows companies and developers to fully partake in the cloud market and stay on the edge of innovation. Using pre-compiled business logic, uniPaaS helps developers avoid coding mistakes and build, deploy and integrate using fewer resources.
Integrating with tools such as SAP ERP, Oracle JD Edwards, Microsoft SharePoint 2010, Google Docs, Lotus Notes, Microsoft Dynamics CRM, Salesforce.com, and HL7, Magic Software’s iBOLT helps companies maximize on the solutions’ intended productivity and collaboration capabilities.
“Being recognized in the SD Times 100 is another confirmation of our ongoing efforts to not only respond to the needs of software developers, but to lead conversations on hot topics that promote innovation in the industry,” said Regev Yativ, CEO and president of Magic Software Enterprises Americas. “Our products and services answer many of the issues currently at the forefront of developers’ minds, in particular, how to transform novel cloud technologies into real business revenues.”
Read the full SD Times 100 article here: http://www.sdtimes.com/go/2010sdt100.
Magic Software Resources
About Magic Software
Magic Software Enterprises Ltd. (Nasdaq:MGIC – News) is a global provider of on-premise and cloud-enabled application platform solutions – including full client, rich internet applications (RIA), mobile or Software-as-a-Service (SaaS) modes – and business and process integration solutions. Magic Software has 13 offices worldwide and a presence in over 50 countries with a global network of ISVs, system integrators, value-added distributors and resellers, as well as consulting and OEM partners. The company’s award-winning, code-free solutions give partners and customers the power to leverage existing IT resources, enhance business agility and focus on core business priorities. Magic Software’s technological approach, product roadmap and corporate strategy are recognized by leading industry analysts. Magic Software has partnerships with global IT leaders including SAP AG, salesforce.com, IBM and Oracle. For more information about Magic Software and its products and services, visit http://www.magicsoftware.com/, and for more about our industry-related news, business issues and trends, read the Magic Software Blog.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company’s most recent annual report and other filings with the Securities and Exchange Commission.
Magic is the trademark of Magic Software Enterprises Ltd. SAP, SAP NetWeaver and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. Microsoft SharePoint® and Microsoft Dynamics CRM are registered trademarks of Microsoft Corporation. Oracle, JD Edwards, JD Edwards World and JD Edwards EnterpriseOne are trademarks or registered trademarks of Oracle and/or its affiliates. All other trademarks are the trademarks of their respective owners.
Abbott (ABT) and Neurocrine (NBIX) Announce Global Agreement to Develop and Commercialize Elagolix
ABBOTT PARK, Ill. and SAN DIEGO, June 16 /PRNewswire-FirstCall/ — Abbott (NYSE: ABT) and Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced that they have entered into a collaboration agreement to develop and commercialize elagolix for the treatment of endometriosis-related pain. Elagolix is a novel, first-in-class oral gonadotropin-releasing hormone (GnRH) antagonist, which has recently completed a phase IIb study in endometriosis. In addition to endometriosis, elagolix will be evaluated for the treatment of uterine fibroids.
“Extensive preclinical and clinical experience with elagolix suggests this drug could be an important advance for women with endometriosis and uterine fibroids, highly prevalent conditions where there is a need for new treatments,” said John Leonard, M.D., senior vice president, pharmaceuticals, research and development, Abbott. “This agreement enhances Abbott’s late stage pipeline, with the potential for additional compounds in earlier stage development.”
Under the terms of the agreement, Abbott will receive worldwide exclusive rights to develop and commercialize elagolix and all next-generation GnRH antagonists for women’s and men’s health. Abbott will make an upfront payment of $75 million and will fund all ongoing development activities. Neurocrine is eligible to receive additional milestone payments of approximately $500 million from Abbott for the achievement of certain development, regulatory and commercial milestones; funding for certain internal collaboration expenses; plus royalty payments on any future product sales.
“We are pleased to have one of the world’s most admired companies as our partner in developing our entire GnRH portfolio for both women’s and men’s health indications,” said Kevin Gorman, president and chief executive officer, Neurocrine Biosciences. “Abbott shares our long-term vision for elagolix, and, together, we look forward to bringing this important new treatment option to endometriosis and uterine fibroid sufferers.”
About GnRH and Elagolix
Elagolix inhibits gonadatropin releasing hormone (GnRH) receptors in the pituitary gland and ultimately reduces circulating sex hormone levels. Elagolix has a unique profile that allows partial estrogen suppression. It maintains estradiol in the low-normal range, providing symptom reduction while avoiding significant bone loss or other adverse effects that can sometimes be associated with excessive suppression of estrogen. In Phase II studies, elagolix has been found to be effective in reducing the pain associated with endometriosis. To date, elagolix has been studied in 18 clinical trials totaling more than 1,000 subjects.
About Endometriosis and Uterine Fibroids
Endometriosis is associated with a multitude of symptoms, some of the most common of which include pain related both to menstruation (dysmenorrhea) as well as chronic pelvic pain throughout the menstrual cycle, and infertility. The World Endometriosis Research Foundation estimates that there are approximately 100 million women worldwide who suffer from endometriosis. With annual healthcare costs and endometriosis-related productivity losses of approximately $4,000 per patient, the annual direct and indirect costs of endometriosis are estimated to exceed $20 billion in the United States alone.
Uterine fibroids are benign tumors that form on the wall of the uterus. They are the most common type of growth found in a woman’s pelvis and are most common in women aged 30-40 years. While many women do not have symptoms, depending on the size, location and number, uterine fibroids can cause heavy menstrual bleeding, can put pressure on the bladder and rectum, and can cause pain and nausea. Symptoms can also include miscarriages and infertility. Depending on the symptoms, treatment sometimes requires surgery.
About Neurocrine Biosciences
Neurocrine Biosciences is a biopharmaceutical company focused on neurological and endocrine diseases and disorders. Our product candidates address some of the largest pharmaceutical markets in the world including endometriosis, anxiety, depression, pain, diabetes, irritable bowel syndrome, insomnia, and other neurological and endocrine related diseases and disorders. Neurocrine Biosciences news releases are available through the Company’s website at http://www.neurocrine.com.
About Abbott Laboratories
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs approximately 83,000 people and markets its products in more than 130 countries. Abbott’s news releases and other information are available on the company’s website at www.abbott.com
Neurocrine Biosciences Forward Looking Statement
In addition to historical facts, this press release may contain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with Neurocrine’s business and finances in general, as well as risks and uncertainties associated with the Company’s GnRH program and Company overall. Specifically, the risks and uncertainties the Company faces with respect to the Company’s GnRH program include, but are not limited to, risk that the elagolix clinical trials will fail to demonstrate that elagolix is safe and effective; risk that elagolix will not proceed to Phase III clinical trials; risk associated with the Company’s dependence on Abbott for Phase III development, commercial manufacturing and marketing and sales activities. With respect to its pipeline overall, the Company faces risk that it will be unable to raise additional funding required to complete development of all of its product candidates; risk relating to the Company’s dependence on contract manufacturers for clinical drug supply; risks associated with the Company’s dependence on corporate collaborators for commercial manufacturing and marketing and sales activities; uncertainties relating to patent protection and intellectual property rights of third parties; risks and uncertainties relating to competitive products and technological changes that may limit demand for the Company’s products; and the other risks described in the Company’s report on Form 10-K for the year ended December 31, 2009 and reports on Form 10-Q for the quarter ended March 31, 2010. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
Abbott Forward Looking Statement
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Item 1A, “Risk Factors,” to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2009, and in Item 1A, “Risk Factors,” to our Quarterly Report on Securities and Exchange Commission Form 10-Q for the period ended March 31, 2010, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.
Covidien Announces Definitive Agreement to Acquire Somanetics Corporation (SMTS)
Jun. 16, 2010 (Business Wire) — Covidien plc (NYSE: COV) and Somanetics Corporation (NASDAQ: SMTS) today announced that they have signed a definitive merger agreement under which Covidien will acquire all of the outstanding shares of Somanetics Corporation for $25.00 per share in cash, for a total of $250 million, net of cash acquired. This acquisition is consistent with the Covidien strategy to expand into adjacencies and invest in product categories where it can develop a global competitive advantage.
Somanetics is a leader in cerebral and somatic oximetry. The company had sales of $50 million in 2009 and has approximately 150 employees. Its INVOS® (In-Vivo Optical Spectroscopy) Cerebral/Somatic Oximeter, a noninvasive patient monitor, continuously measures blood oxygen levels in the brain and in the body of patients who are at risk for restricted blood flow so clinicians can detect and correct a variety of threatening complications. The INVOS System is the only commercially-available cerebral/somatic oximeter shown to improve patient outcomes.
“The acquisition of Somanetics will allow Covidien to broaden our product offerings and add another market-leading monitoring technology to its portfolio,” said Pete Wehrly, President, Respiratory & Monitoring Solutions, Covidien. “The Somanetics product line, which we currently distribute in Europe, will expand our presence in the operating room. The acquisition will help us achieve our mission of enhancing the quality of life and improving patient outcomes.”
“We are excited about joining Covidien and enabling Somanetics’ shareholders to realize enhanced value for their investment,” said Bruce Barrett, President and Chief Executive Officer, Somanetics. “We have enjoyed a strong, long-standing relationship with Covidien as the exclusive European distribution partner of our INVOS System. Our proprietary technology ideally complements Covidien’s portfolio of respiratory and monitoring products.”
Financial Highlights
Under the terms of the agreement, Covidien will pay $25.00 in cash per Somanetics share for a total of approximately $250 million, net of cash acquired. The combination with Somanetics will broaden Covidien’s product offerings and is expected to be accretive to both revenue and earnings growth rates over time.
The transaction, which will take the form of an all-cash tender offer by a wholly-owned subsidiary of Covidien, followed by a second-step merger, is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed by July 31, 2010. The Boards of Directors of both companies have unanimously approved the transaction. All of the directors and executive officers of Somanetics have confirmed their intention to tender all shares held by them into the offer. Once the transaction has been completed, Covidien will report the Somanetics business as part of its Oximetry and Monitoring product line in the Medical Devices business segment.
Assuming a closing on July 31, 2010, Covidien expects that this transaction will be dilutive to 2010 and 2011 GAAP earnings per share. On a Non-GAAP basis, excluding transaction, restructuring and other costs, the transaction is expected to be neutral to earnings per share in fiscal 2010 and slightly accretive to fiscal 2011 earnings per share.
About Covidien
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2009 revenue of $10.7 billion, Covidien has 42,000 employees worldwide in more than 60 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
About Somanetics
Somanetics Corporation develops, manufactures and markets the INVOS® Cerebral/Somatic Oximeter. The INVOS System is the only commercially-available cerebral/somatic oximeter with labeling for improved outcomes after surgery in patients above 2.5 kg. The INVOS System is the clinical reference standard in cerebral/somatic oximetry, with a 12-year market track record, more than 750 clinical references and implementation at approximately 800 U.S. hospitals. Somanetics also develops, manufactures and markets the Vital Sync™ System, a device that integrates data from bedside devices into a single system for enhanced patient assessment and decision making, data management and data storage. Somanetics supports its customers through a direct U.S. sales force and clinical education team. Covidien markets INVOS System products in Europe, Canada, the Middle East and South Africa and Edwards Lifesciences represents INVOS System products in Japan. For more information, visit http://www.somanetics.com/.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are not historical facts. Covidien and Somanetics have identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” or “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this release include without limitation statements regarding the expected timing of the completion of the transaction and statements regarding the effect of the transaction on Covidien’s business and competitive position, statements regarding future innovation and market growth and statements regarding Covidien’s future financial performance and financial condition. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing of the transaction; uncertainties as to how many of Somanetics’ stockholders will tender their shares in the offer; the risk that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; other business effects, including the effects of industry, economic or political conditions outside of Covidien’s and Somanetics’ control; transaction costs; actual or contingent liabilities; and other risks and uncertainties discussed in Covidien’s and Somanetics’ filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections of Covidien’s and Somanetics’ most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as the tender offer documents to be filed by Covidien DE Corp., a wholly-owned subsidiary of Covidien, and the Solicitation/Recommendation Statement to be filed by Somanetics. Neither Covidien nor Somanetics undertakes any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law. All forward-looking statements in this announcement are qualified in their entirety by this cautionary statement.
NON-GAAP Financial Information
This release contains a non-GAAP financial measure. This non-GAAP financial measure, which is used as a measure of Covidien’s performance, should be considered in addition to, not as a substitute for, or superior to, measures of Covidien’s financial performance prepared in accordance with GAAP. Covidien’s non-GAAP measures may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how Covidien defines its non-GAAP financial measures.
Specifically, any one-time charges for transaction, restructuring and other costs are excluded from the projected earnings per share dilution.
Covidien management uses this non-GAAP financial measure because it believes it is useful and more meaningful to assess projected earnings per share dilution excluding the transaction-related expenses. This non-GAAP financial measure is also used by Covidien’s management in its financial and operating decision-making because management believes it reflects the underlying economics of Covidien’s ongoing business in a manner that allows meaningful period-to-period comparisons. Such comparisons may be more meaningful because operating results presented under GAAP may include, from time to time, items that are not necessarily relevant to understand Covidien’s business and may, in some cases, be difficult to forecast accurately for future periods. Covidien’s management believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating Covidien’s current operating performance and future prospects in the same manner as management does if they so choose. Non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that affect Covidien’s operations. Covidien’s management compensates for this and other limitations by also considering Covidien’s financial results as determined in accordance with GAAP.
IMPORTANT INFORMATION ABOUT THE TENDER OFFER
This release is neither an offer to purchase nor a solicitation of an offer to sell any securities of Somanetics Corporation. Covidien DE Corp. (”Purchaser”), an indirect, wholly-owned subsidiary of Covidien, has not commenced the tender offer for the shares of Somanetics common stock described in this release.
Upon commencement of the tender offer, Purchaser will file with the SEC a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents. Following commencement of the tender offer, Somanetics will file with the SEC a tender offer solicitation/recommendation statement on Schedule 14D-9. These documents will contain important information about Covidien, Somanetics, the transaction and other related matters. Investors and security holders are urged to read each of these documents carefully when they are available.
Investors and security holders will be able to obtain free copies of the tender offer statement, the tender offer solicitation/recommendation statement and other documents filed with the SEC by Purchaser and Somanetics through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of these documents by contacting:
Covidien
Investor Relations
508-452-4650
investor.relations@covidien.com
or
Somanetics Corporation
Investor Relations
248-244-1409
irrequests@somanetics.com
China GengSheng (CHGS) Commences Fracture Proppant Manufacturing on Upgraded Production Line
GONGYI, China, June 15 /PRNewswire-Asia-FirstCall/ — China GengSheng Minerals, Inc. (NYSE Amex: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial applications, today announced that it has completed its technological improvements and commenced production on its upgraded fracture proppant manufacturing line. With this build-out completed, GengSheng’s proppant manufacturing lines now incorporate “revolving kiln” technology, which is designed to conserve energy and reduce production time. With these enhancements, GengSheng expects to realize cost reductions of up to 10% annually, as well as produce a broader range of proppant products for the oil and gas exploration industry.
“Upgrading our production line technology improves our overall efficiency and stabilizes our production capabilities,” said Mr. Shunqing Zhang, GengSheng’s Chairman and Chief Executive Officer. “Now that we are running both of our proppant production lines utilizing this cutting-edge technology, we expect to reduce our manufacturing costs by approximately $1 million annually. Implementing new, innovative solutions also advances our technological leadership and increases the value GengSheng provides for our customers. Demand for our proppants continues to grow and we can now service a greater portion of the market with our industry leading products.”
On April 27, 2010, the Company completed its construction of a new “Phase II” fracture proppant production line. The launch of this new line effectively doubled GengSheng’s manufacturing capacity for fracture proppants from 33,000 tons to 66,000 tons per year. The phase II production line also incorporates revolving kiln technology for improved efficiency, capacity and the ability to manufacture proppants that can withstand varying underground pressure as it relates to the oil well industry.
About China GengSheng Minerals, Inc.
China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, GengSheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China’s Henan province, GengSheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd, and Henan GengSheng High Temperature Materials Co., Ltd.
Note Regarding Forward-Looking Statements
This filing contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties, certain assumptions and factors relating to the operations and business environments of China GengSheng Minerals, Inc. and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although China GengSheng Minerals, Inc. believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to its management, China GengSheng Minerals, Inc. cannot guarantee future results or events. China GengSheng Minerals, Inc. expressly disclaims a duty to update any of the forward-looking statement
For more information about the Company, please visit http://www.gengsheng.com .
To be added to the Company’s email distribution for future press releases, please send your request to Gengsheng@tpg-ir.com.
For more information, please contact:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg or Lee Roth
Tel: +1-212-481-2050
Email: Gengsheng@tpg-ir.com
China GengSheng Minerals, Inc.
Ms. Wendy Sun
Finance Manager and Investor Relations
Tel: +86-159-3870-8666
Email: gswendy@gengsheng.com
Mr. Shuai Zhang
Investor Relations
Email: gszs@gengsheng.com
China Marine (CMFO) Details Acquisition of Hi-Power Beverage
SHISHI, China, June 15 /PRNewswire-Asia-FirstCall/ — China Marine Food Group Limited (NYSE Amex: CMFO) (“China Marine” or the “Company”), a manufacturer of Mingxiang® seafood-based snack foods, “Hi-Power” marine algae-based beverages and a distributor of frozen marine catch, is providing details surrounding its January 2010 acquisition of the Hi-Power marine algae-based business in response to investor inquiries.
China Marine initiated conversations with Mr. Qiu Shang Jing (“Mr. Qiu”), the founder of Hi-Power marine algae-based beverage and Shishi Xianghe Food Science and Technology Co., Ltd. (“Xianghe”), after China Marine’s chairman and CEO, Pengfei Liu (“Mr. Liu”), was initially introduced in early 2009. There was no previous business relationship between Mr. Qiu and Mr. Liu and they share no family relationship.
Mr. Qiu had obtained exclusive rights to commercialize a formula for a marine algae-based drink developed by the Yellow Sea Fisheries Research Institute Chinese Academy of Fishery Science and secured an exclusive extract manufacturing contract with a Shandong-based company. The unique technology and value of the extract process of the marine algae is the extract is clear and odorless thus enabling the product an array of options to which the extract can be added. After securing an OEM manufacturing relationship for the beverage with a blending facility based in Zhangzhou, Xianghe approached a group of well-known beverage distributors in select provinces and secured initial order commitments based on positive market feedback and analysis. In the middle of 2009, Xianghe began shipping its Hi-Power marine algae-based beverages to distributors who marketed the beverage as a high-protein, low fat content drink which provides customers with a combination of immune system benefits, improved digestion and reductions in hyperglycemia and hypertension. Hi-Power’s target market is health-conscious consumers in China‘s fast-growing beverage market. Xianghe subsequently secured four key distributors in the second half of 2009 and through December 31, 2009, Xianghe recorded approximately $7.6 million in sales and was profitable.
As a new beverage company in China, Xianghe did not invest in bottling equipment and a dedicated factory, but outsourced production and labeling under a third party contract with an OEM factory in Zhangzhou. As a part of the production agreement, Xianghe submitted “short run” orders for production of Hi-Power beverages which were typically shipped right after production to Xianghe’s distributors located in Fujian, Zhejiang, Guangdong and Hunan provinces. As a result of this production arrangement, Xianghe did not maintain any finished inventory at its corporate headquarters. Sales staff working for the upstart company remained almost entirely in the field with their customers.
“We monitored the progress of Xianghe and Hi-Power for the majority of 2009 before commencing negotiations and ultimately completing the purchase,” began Mr. Liu, Chairman and CEO of China Marine. “We built a favorable relationship with Xianghe by providing their team with sales and marketing guidance as they prepared for commercialization. As we detailed in our public filings, we also built goodwill by offering professional courtesies, such as a corporate office to Xianghe and further assisted Xianghe to register a trademark, an area where we had gained significant experience in China. We were surprised by the number of other well capitalized companies which were interested in purchasing Xianghe, which further validated our view that acquiring Hi-Power was a significant market opportunity and offered the potential for rapid growth. We also learned that many beverage companies, including some of the best known global giants, operate in the same way as Xianghe, in terms of outsourcing its bottling segment. We are pleased with the initial results to date and expect a further acceleration in sales during the second half of this year.”
China Marine’s acquisition of Xianghe was finalized and effective on January 1, 2010 after due diligence and financial valuation were completed by China Marine and respective independent professional teams, in addition to an audit by a PCAOB-qualified firm which was subsequently completed in the first quarter of 2010. As detailed in the Company’s press release dated January 5, 2010, the acquisition consisted of $27.8 million in cash consideration.
The management of Xianghe, including all sales and marketing staff, joined the China Marine team, will be instrumental in meeting the strategic goals of Hi-Power’s marketing strategy. Xianghe’s management and sales team will collaborate with China Marine’s Mingxiang®-branded seafood-based snack food sales team to leverage its existing and future distribution channels, which currently cover 2,900 retail sales locations in seven provinces in China. Similar to China Marine, Xianghe developed a network of distributors with exclusive territories, which sell Hi-Power to retail food stores, restaurant food supply dealers and the hospitality industry.
2010 estimates of revenues from Xianghe are over $20 million with net profit margins anticipated at 20%. Through integrating the product into China Marine’s distribution network and expanding distribution to untapped provinces in China, management expects revenues for 2011 to grow to over 60% year over year with a trend toward normalized long-term net profit margins of 25%. China Marine recorded approximately $4.9 million in sales of Hi-Power though the first five months ended May 31, 2010, which included the seasonally slow first quarter in addition to time allocated by the Company to improve packaging and branding. Hi-Power sales in May 2010 alone increased by approximately 20% versus April 2010, and the Company anticipates another record sales month of Hi-Power in June and reconfirms its revenue guidance of $20.0 million for the full year 2010.
Non-Deal Road Show and Conference Participation
The management team of China will be in the US on a non-deal road show from July 5 through July 14 and visiting with current and prospective investors in New York, New Jersey and Boston. China Marine will also present at the Global Hunter Securities China Conference held in San Francisco the July 12 through July 14 of 2010. The Company will provide a press release to the market detailing the Company’s presentation time at a future date.
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang® seafood-based snack foods, “Hi-Power” marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang® branded products as a category leader in 2,900 retail sales points in the PRC. The Company has received “The Famous Brand” and “Green Food” awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
Forward Looking Statements
This release contains certain “forward-looking statements” relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes, expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
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Marco Hon Wai Ku, CFO |
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INVESTOR RELATIONS |
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John Mattio, SVP |
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HC International, New York |
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Significant Level of Contracts Signed for Zanett (ZANE) Q2-to-Date
NEW YORK, June 15 /PRNewswire-FirstCall/ — Zanett, Inc. (Nasdaq:ZANE – News) announced today that it is very pleased with rate of contracts closed in the period Q2-to-Date 2010. Between the period of April 1, 2010 and the present, over $12.6 million dollars in new business has been closed. This amount of revenue is comprised of 37 different customers, with the largest customer being responsible for a $7.5 million mandate. Year-to-Date, over $29.7 million of new business has been signed. The bulk of this revenue is expected to be realized within the next 12 months.
HEALTHCARE FOCUS ON TARGET – U.S. CAPITAL SPENDING UP
Dennis Harkins, President and CFO of Zanett, said, “Healthcare was by far the biggest segment of contracts signed for the past six months. Throughout the US, corporations are currently hesitant about hiring individuals due to unknown and unfunded mandates from Washington DC, so they are spending their money on increased capital expenditures. Oracle ERP and other IT spending are a natural beneficiary of a reduction in labor force.”
$140 MILLION SALES PIPELINE (GROSS)
Mr. Harkins continued, “Zanett has 20 great people in our national salesforce, and working in conjunction with the Oracle reps, we are winning deals away from the competition… left, right, and center. I am very pleased with the activity of the past five months and continue to be impressed with the quality of the deals in our Pipeline. The Revenue/Sales Pipeline is currently over $140 million in size (gross), and this Pipeline will fuel future growth throughout 2011 and into 2012.”
About Zanett, Inc.
Zanett provides business and technology consulting services that enable organizations to enhance effectiveness, respond quickly to changing business dynamics, and deliver timely management information. Serving Fortune 500 corporations and mid-market organizations in Healthcare, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government, Zanett helps align organizations’ business objectives with technology-enabled services to create Real Enterprise Value™. Zanett offers solutions ranging from business consulting, infrastructure technology services, managed services and business application consulting. As an Oracle Platinum Partner and Microsoft Gold Partner, Zanett implements and integrates such technologies as E-Business Suite, J.D. Edwards, PeopleSoft, Edge Applications, Service Oriented Architecture, Fusion Middleware, SharePoint and InfoPath. Zanett employs over 225 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information, please visit http://www.zanett.com/ or http://healthcare.zanett.com .
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as “forward-looking statements” within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.’s filings with the Securities and Exchange Commission.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.
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Liberty Analytics Co. Initiates Independent Research Coverage on Energy Recovery, Inc. (ERII)
CALGARY, Alberta, June 15, 2010 (GLOBE NEWSWIRE) — Liberty Analytics Co., a leading provider of large, small- and micro-cap independent investment research, today initiated coverage on Energy Recovery, Inc. (Nasdaq:ERII – News). Liberty Analytics is currently offering a complimentary trial subscription. To view our research, go to: http://www.libertyanalyticsco.com/.
About LAC:
Liberty Analytics Co. is a leading provider of independent investment research in North America. Our services include research analysis on the large, small- and micro-cap markets, real-time news and financial data, market commentary and the LAC newsletter. Liberty Analytics’ staff of large and small-cap investment professionals is dedicated to providing the market’s investment community with the tools and avenues necessary to make the important investment decisions. To view our research reports on a complimentary trial basis and take advantage of our other services, go to http://www.libertyanalyticsco.com/ and click on the complimentary trial subscription button on our home page, or go directly to our registration page at www.libertyanalyticsco.com/signup.php.
About Energy Recovery, Inc. (Nasdaq:ERII – News):
Energy Recovery, Inc. (Nasdaq:ERII – News) develops, manufactures and sells high-efficiency energy recovery devices and pumps primarily for use in seawater and brackish water desalination.
LAC Disclosure:
Libertyanalyticsco.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. Liberty Analytics has not been compensated by any of the above-mentioned companies. Please read our report and visit our Web site, http://www.libertyanalyticsco.com/, for complete risks and disclosures.
Strategic Partnering Activities Expanded by Dataram Corp. (DRAM) and Advanced Industrial Computer
PRINCETON, N.J.–(BUSINESS WIRE)–Dataram Corporation (NASDAQ: DRAM – News), a worldwide leader in the manufacture of high-quality computer memory, storage products and software, today announced that it has formally agreed to expand strategic partnering activities with Advanced Industrial Computer (AIC), a leading provider of original equipment and design manufacturer (OEM/ODM) server and storage solutions.
The objective of the expanded partnering agreement is to leverage Dataram’s strength as a recognized leader in mission critical memory solutions and AIC’s reputation as a leading OEM/ODM solution provider. As part of this agreement, both companies have defined and implemented a comprehensive set of joint marketing and sales activities targeting specific market segments. This will enable Dataram and AIC to further capitalize on the success of their previous joint engagements.
“Dataram continues to expand its presence into relevant strategic market segments,” said Phil Marino, vice president of Worldwide Sales, Dataram Corporation. “By expanding our relationship with AIC, a predominant solution provider in the OEM/ODM space, Dataram will accelerate its penetration into this lucrative market. Dataram’s unique ability to deliver highly complex and customized memory solutions makes us an optimal choice for most customers. We know from our existing OEM clients that Dataram’s ability to provide solutions with multi-year product life and support is highly valuable in this segment. In turn, this business provides Dataram with consistent predictable revenue.”
AIC’s innovative server and storage technology has been recognized by many industry experts and awarded for its quality and reliability. AIC has become the favored supplier of many business partners due to its excellent customer service and support, which has fostered long term relationships with many business partners. In fact, AIC is a distinguished Avnet Gold Medal Supplier of the Year Award winner.
“The Dataram and AIC partnership has been successful and beneficial to both parties and our customers by providing the best solution to the server market, and capitalizing on it,” said Seth Haller, North America director of Business Development and Channels, AIC. “Our customers tend to have very demanding requirements as it relates to performance and reliability. Dataram’s reputation and track record has proven to be a major factor in supporting our ability to exceed customer’s expectations. The fact that Dataram not only provides AIC with product, but also complimentary engineering and consulting services, establishes Dataram as a unique value added solution provider.”
About Dataram
Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory, storage and software products. Our products and services deliver IT infrastructure optimization, dramatically increase application performance and deliver substantial cost savings. Dataram solutions are deployed in 70 Fortune 100 companies and in mission-critical government and defense applications around the world. For more information about Dataram, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dataram.com&esheet=6328478&lan=en-US&anchor=www.dataram.com&index=4&md5=cbc4f2c7af3cda1fc92b8600d6440287.
About AIC
AIC is a leading provider of OEM/ODM server and storage solutions, ideally developed to meet the unique demands of a wide variety of markets. With expertise in in-house design, validation, manufacturing and production, our expansive selection of products are highly flexible and can be configured to any form factor or custom configuration. AIC leads the industry in all categories, with over 100 years of combined experience in mechanical, electronic, system-level engineering as well as a dedication to product innovation and customer support. Headquartered in City of Industry, California, AIC has offices and operations throughout the United States, Asia and Europe. For more information about AIC, visit http://www.aicipc.com.
Editor note: All names are trademarks or registered trademarks of their respective owners.
NetSol (NTWK) Signs Contract With Sany Corp. of China
CALABASAS, Calif., June 15, 2010 (GLOBE NEWSWIRE) — NetSol Technologies, Inc. (“NetSol”) (Nasdaq:NTWK – News) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced that Sany Corp. of China, the largest concrete equipment manufacturer in the world, has signed a contract of significant value to install NetSol’s Financial Suite (“NFS”) solution to run its newly formed finance company. The complete NFS suite, including Credit Application Processing (CAP), Contract Management System (CMS) and Wholesale Finance System (WFS), would be deployed by Sany Corp. across its vast dealer network as well as its business back office centers across China.
Sany is the largest concrete machinery manufacturer in the world. It is also one of the Global Top 50 Construction Machinery Manufacturers, and one of China’s Top 500 Enterprises. Moreover, it has been honored as the most profitable and competitive enterprise in the engineering machinery industry, Top Chinese Enterprise by Forbes, Brand with the Highest Growth Momentum in China, Symbolic Brand in Chinese Engineering Machinery Industry and one of the Top 500 Brands in Asia.
Sany Heavy Industry Co., Ltd, a core subsidiary of Sany Group, which got listed on the Shanghai Stock Exchange on July 3, 2007, was the first Chinese enterprise to successfully realize the non-tradable shares reform and to put its shares into full circulation.
Naeem Ghauri, head of Global Sales and President of NetSol Technologies, Inc. for Europe, commented, “This win is one of many we have in our current pipeline and is a further validation of our China strategy and our NFS value proposition. We have a clear market leadership in this exciting space, which is continuing to grow exponentially in China.”
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (Nasdaq:NTWK – News) (Nasdaq Dubai:NTWK) is a worldwide provider of global IT and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. NetSol’s commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies’ clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.
To learn more about NetSol, visit http://www.netsoltech.com/.
The NetSol Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7396
NetSol Technologies, Inc. Forward-looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “believe,” “expect,” “anticipate,” “intend,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
NetSol (NTWK) Signs Contract With Sany Corp. of China to Implement NFS Solution
CALABASAS, Calif., June 15, 2010 (GLOBE NEWSWIRE) — NetSol Technologies, Inc. (“NetSol”) (Nasdaq:NTWK – News) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced that Sany Corp. of China, the largest concrete equipment manufacturer in the world, has signed a contract of significant value to install NetSol’s Financial Suite (“NFS”) solution to run its newly formed finance company. The complete NFS suite, including Credit Application Processing (CAP), Contract Management System (CMS) and Wholesale Finance System (WFS), would be deployed by Sany Corp. across its vast dealer network as well as its business back office centers across China.
Sany is the largest concrete machinery manufacturer in the world. It is also one of the Global Top 50 Construction Machinery Manufacturers, and one of China’s Top 500 Enterprises. Moreover, it has been honored as the most profitable and competitive enterprise in the engineering machinery industry, Top Chinese Enterprise by Forbes, Brand with the Highest Growth Momentum in China, Symbolic Brand in Chinese Engineering Machinery Industry and one of the Top 500 Brands in Asia.
Sany Heavy Industry Co., Ltd, a core subsidiary of Sany Group, which got listed on the Shanghai Stock Exchange on July 3, 2007, was the first Chinese enterprise to successfully realize the non-tradable shares reform and to put its shares into full circulation.
Naeem Ghauri, head of Global Sales and President of NetSol Technologies, Inc. for Europe, commented, “This win is one of many we have in our current pipeline and is a further validation of our China strategy and our NFS value proposition. We have a clear market leadership in this exciting space, which is continuing to grow exponentially in China.”
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (Nasdaq:NTWK – News) (Nasdaq Dubai:NTWK) is a worldwide provider of global IT and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. NetSol’s commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies’ clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.
To learn more about NetSol, visit http://www.netsoltech.com/.
The NetSol Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7396
NetSol Technologies, Inc. Forward-looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “believe,” “expect,” “anticipate,” “intend,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Ladenburg Thalmann (LTS) to Join Russell 3000(R) Index
MIAMI–(BUSINESS WIRE)–Ladenburg Thalmann Financial Services Inc. (NYSE AMEX: LTS) today announced that it is set to join the broad-market Russell 3000(R) Index when Russell Investment Group reconstitutes its comprehensive set of U.S. and global equity indexes on June 25, 2010, according to a preliminary membership list posted on Friday, June 11, 2010, on http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.russell.com&esheet=6325833&lan=en-US&anchor=www.russell.com&index=1&md5=80791964ff98248220e8a4707a75c663.
The Russell 3000(R) Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market and is reconstituted annually to ensure new and growing equities are reflected. As a member of the Russell 3000(R) Index, Ladenburg also automatically would be included in the Russell 2000(R) Index, which measures the performance of the small-cap segment of the U.S. equity universe. Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.
Dr. Phillip Frost, Chairman of the Board of Ladenburg commented, “We are pleased with Ladenburg’s inclusion in the Russell indices and the opportunity it provides us to increase our visibility within the investment community.”
Richard Lampen, President and Chief Executive Officer of Ladenburg, added, “Our inclusion in the Russell indices is another reflection of Ladenburg’s positive momentum. We continue to grow both our capital markets and independent brokerage and advisory services businesses, and now have approximately $20 billion in client assets. We believe we are well positioned to capitalize on the many attractive opportunities in the marketplace and increase shareholder value.”
About Ladenburg
Ladenburg Thalmann Financial Services is engaged in investment banking, equity research, institutional sales and trading, independent brokerage and advisory services and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp, Inc. and Triad Advisors, Inc. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm providing services for companies and high net worth individuals. Investacorp, Inc., a leading independent broker-dealer headquartered in Miami Lakes, Florida, has been serving the independent registered representative community since 1978 and has approximately 450 independent financial advisors nationwide. Founded in 1998, Triad Advisors, Inc. is a leading independent broker-dealer and registered investment advisor headquartered in Norcross, Georgia that offers a broad menu of products, services and total wealth management solutions to approximately 540 independent financial advisors nationwide. Ladenburg Thalmann Financial Services is based in Miami, Florida. Ladenburg Thalmann & Co. is based in New York City, with regional offices in Miami and Boca Raton, Florida; Melville, New York; Lincolnshire, Illinois; Los Angeles, California; and Princeton, New Jersey. For more information or to sign up to receive timely e-mail news alerts from Ladenburg Thalmann Financial Services, please visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ladenburg.com%2Finfo&esheet=6325833&lan=en-US&anchor=www.ladenburg.com%2Finfo&index=2&md5=7675df711224dec5c10bba411bf07f5e.
Forward-Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future growth, statements regarding shareholder value, and statements regarding marketplace opportunities. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the Company’s business. These risks, uncertainties and contingencies include those set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2009 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company’s quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company’s revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Philippines’ Fastest Growing Mobile Network Provider Once Again Taps Ceragon (CRNT)
PARAMUS, New Jersey, June 14, 2010 /PRNewswire-FirstCall/ — Ceragon Networks (NASDAQ: CRNT) the provider of high-capacity, 4G/LTE-Ready wireless backhaul solutions, announced that Digitel Mobile Philippines will invest an additional $9 million in Ceragon’s mobile backhaul network equipment in an ongoing expansion of Digitel’s 2G/3G cellular services. Digitel, which operates under the brand name of Sun Cellular, is the fastest growing mobile telecommunications provider in the Republic of the Philippines, estimated to be the world’s 12th most populous country with over 92 million citizens.
The newest Digitel order represents just one of numerous follow-on orders for Ceragon, a longtime provider of high-capacity wireless backhaul solutions to Digitel. The latest order puts more Ceragon gear behind a pair of expansion and upgrade projects for Digitel’s 2G/3G metro network. The operator’s Manila-Cebu Alternative Backbone project will now deliver 3G services to the southern part of the country employing native IP over long-haul microwave technology, while its North Luzon Backbone Expansion project will bring additional 2G service capacity to the north.
Both projects are part of Digitel’s Ceragon-enabled migration to an all-IP Ethernet backhaul network that will better service the range of data, multimedia applications, and voice on the operator’s expanded network. In turning once again to Ceragon as its backhaul equipment provider of choice, Digitel cited Ceragon’s proven track record in providing highly available, robust, cost-effective, turnkey solutions and services for Digitel.
“Microwave is an ideal approach to quickly and easily setting up the most cost-efficient and consistently reliable backhaul network,” said Patrick Lam, Senior Technical Adviser, of Digitel Mobile Philippines Inc. “Our Ceragon-based backhaul even withstood last year’s devastating typhoon and flooding, making Digitel the only operator able to keep delivering vital telecom services to people in some of the devastated areas of the country.”
“Reliably delivering a demanding range of 3G services and IP-based multimedia applications is a great challenge for operators today,” said Ira Palti, President and Chief Executive Officer of Ceragon. “And with microwave clearly representing the most physically-resilient approach to backhaul, Ceragon looks forward to supporting the high-reliability demands of Digitel’s expanding cellular networks for many years to come.”
Digitel, which has relied on Ceragon for its backhaul network since 2005, purchased a mix of traditional TDM and IP-based systems from Ceragon, including the TDM-based FibeAir 3200T, a high-capacity wireless system; the TDM-based FibeAir 1500R, high-capacity SDH/SONET wireless system; and the FibeAir IP-10, which combines IP and TDM networking for risk-free migration to IP.
The following Ceragon systems are included in the $9 million Digitel deal:
- The FibeAir IP-10 - this multi-service system is Ceragon's
next-generation carrier-grade wireless Ethernet solution, combining IP
and TDM networking. The system enables risk-free mobile backhaul
migration to IP with the highest possible capacities at the lowest
overall cost. It feature a powerful integrated Ethernet switch, optional
stackable radios with TDM cross-connect for nodal site applications.
- FibeAir 3200T - offering increased capacity, long-distance links,
simplicity of installation, more robust backbone and long-haul
infrastructure, supporting up to 10 high-capacity radios in a single link
and providing backup in the event of equipment failure or degradation on
specific frequency channels. The system can be assembled in an all-indoor
installation, with the entire system installed in a rack or split-mount
installation, with the RFUs (radio Frequency Units) installed near the
antenna.
- The FibeAir 1500R - a high-capacity SDH/SONET wireless system that
answers the need for future-proof efficient wireless networking solution.
The system includes a variety of interfaces and can be seamlessly
integrated into a variety of networks, and installed in split-mount and
all-indoor configurations for long, medium and short-haul transmission
with multiple protection schemes.
About Digitel Mobile Philippines Inc.
Digitel Mobile Philippines Inc. (DMPI) is the wireless subsidiary of Digital Telecommunications Philippines Inc. (Digitel), which, in turn, is 47%-owned by JG Summit Holdings. DMPI commercially launched its wireless service operations under the brand name of Sun Cellular on March 2003. Sun Cellular is the country’s fastest growing network with 14 million subscribers supported by its over 5,000 cell sites. It offers the latest in GSM technology, providing voice services, messaging services, outbound and inbound international roaming, and value-added services.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT) is a leading provider of high capacity LTE/4G ready wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services, such as Internet browsing, music and video applications. Our wireless backhaul solutions use microwave technology to transfer large amounts of telecommunication traffic between base stations and the core of the service provider’s network. Designed to enable risk-free migration from legacy to next-generation backhaul networks, our solutions provide fiber-like connectivity for circuit-switched, or SONET/SDH, networks, next generation Ethernet/Internet Protocol, or IP-based, networks, and hybrid networks that combine circuit-switched and IP-based networks. Our solutions support all wireless access technologies, including GSM, CDMA, EV-DO, HSPA, LTE and WiMAX. These solutions allow wireless service providers to cost-effectively and seamlessly evolve their network from circuit-switched and hybrid concepts to all IP thereby meeting the increasing demands by the growing numbers of subscribers and the increasing demand for mobile data services. We also provide our solutions to businesses and public institutions that operate their own private communications networks. Our solutions are deployed by more than 200 service providers of all sizes, as well as in hundreds of private networks, in more than 130 countries. More information is available at http://www.ceragon.com.
Ceragon Networks(R), CeraView(R), FibeAir(R), the FibeAir(R) design mark and Native2(R) are registered trademarks., and Ceragon(TM), PolyView(TM), ConfigAir(TM), CeraMon(TM), EtherAir(TM), QuickAir(TM), QuickAir Partner Program(TM), QuickAir Partner Certification Program(TM), QuickAir Partner Zone(TM), EncryptAir(TM) and Microwave Fiber(TM) are trademarks of Ceragon Networks Ltd.
This press release may contain statements concerning Ceragon’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These are important factors that could cause actual results to differ materially from forecasts and estimates. These risks and uncertainties, as well as others, are discussed in greater detail in Ceragon’s Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.
Cytori (CYTX) Secures $20 Million Loan Facility Led by GE Capital
Jun. 14, 2010 (Business Wire) — Cytori Therapeutics (NASDAQ: CYTX) entered into a $20 million secured loan facility from GE Capital, Healthcare Financial Services, Oxford Finance Corporation, and Silicon Valley Bank. The loan funded June 14, 2010.
The funds will be used to support Cytori’s commercialization and clinical development activities in Europe, Asia and the United States. The loan, along with the $30 million raised from the recently completed Seaside 88, LP financing, strengthens Cytori’s cash position. The Company anticipates that these amounts will fund the Company’s operations into 2012.
The loan term is three years at 9.9% with principal repayments beginning in ten months. As part of the new loan, Cytori will use $4.4 million of the proceeds to refinance the loan previously entered into with GE Capital, Healthcare Financial Services and Silicon Valley Bank in October 2008. In addition, Cytori will issue warrants to the lenders to purchase 101,266 shares of Cytori’s common stock exercisable at $3.95 per share.
About Cytori
Cytori is a leader in providing patients and physicians around the world with medical technologies that harness the potential of adult regenerative cells from adipose tissue. The Celution® System family of medical devices and instruments is being sold into the European and Asian cosmetic and reconstructive surgery markets but is not yet available in the United States. Our StemSource® product line is sold globally for cell banking and research applications. www.cytori.com
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit www.gecapital.com/healthcare.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends and business prospects, which may affect our future operating results and financial position. Such statements are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Such statements, including, but not limited to, those regarding our ability to fund operations into 2012 are all subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks and uncertainties include, but are not limited to, risks related to our history of operating losses, the need for further financing and our ability to access the necessary additional capital for our business, inherent risk and uncertainty in the protection intellectual property rights, regulatory uncertainties regarding the collection and results of, clinical data, dependence on third party performance, as well as other risks and uncertainties described under the “Risk Factors” in Cytori’s Securities and Exchange Commission Filings on Form 10-K and Form 10-Q. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.
Viglen Selects Netlist’s (NLST) HyperCloud Memory for HPC Applications
IRVINE, Calif., June 11 /PRNewswire-FirstCall/ — Netlist, Inc. (Nasdaq: NLST), a designer and manufacturer of high-performance memory subsystems, today announced that its HyperCloud™ memory module has been selected to run on Viglen servers to support High Performance Computing (HPC) applications. Viglen is a leading British manufacturer and provider of IT solutions within the education and public sector. Viglen has achieved the following benefits by incorporating HyperCloud DIMMs into their servers:
- increases data throughput by 57% versus JEDEC 4-Rank memory modules
- improves aggregate memory bandwidth
- operates at 1333 MT/s, versus 800 MT/s
“Netlist’s HyperCloud memory uniquely increases aggregate memory bandwidth within our servers to support our customer’s workload demands without memory bottlenecks,” said Bordan Tkachuk, CEO of Viglen. “Viglen continues to empower our customer’s IT estates with new HPC technologies. This differentiated capability improves simulation times with large data sets and increases overall server utilization in HPC applications.”
HyperCloud leverages the benefits of Netlist’s patented load reduction and rank multiplication technology to improve overall server performance. Offering higher capacity to support memory intensive workloads, such as HPC simulations, HyperCloud serves as a cost-effective solution by lowering operating expenses for datacenters.
“To be selected by Viglen exemplifies the value we provide with our HyperCloud memory module,” said C.K. Hong, Netlist Chief Executive Officer. “Our HyperCloud technology is a key enabler of server efficiency and offers a unique value-add for companies deploying new IT infrastructures. We are pleased to enhance performance on Viglen servers and look forward to continuing to offer compelling memory solutions to address the computing demands.”
About Viglen:
Viglen supplies information technology hardware, software, and technical support to the education and public sector including two thirds of Britain’s universities, culminating in Viglen becoming the principal supplier in over half of these, including Oxford and Cambridge. Viglen is also the fasting growing ICT solutions provider to schools in the UK. Viglen is located in St. Albans, Hertfordshire, UK. More information can be found on the Company’s web site: www.viglen.co.uk.
About Netlist:
Netlist, Inc. designs and manufactures high-performance, logic-based memory subsystems for the server and high-performance computing and communications markets. The Company’s memory subsystems are developed for applications in which high-speed, high-capacity memory, enhanced functionality, small form factor, and heat dissipation are key requirements. These applications include tower-servers, rack-mounted servers, blade servers, high-performance computing clusters, engineering workstations, and telecommunication equipment. Netlist was founded in 2000 and is headquartered in Irvine, California with manufacturing facilities in Suzhou, People’s Republic of China.
Netlist is listed on the NASDAQ stock exchange under the ticker “NLST.” More information can be found on the Company’s web site: www.netlist.com.
Safe Harbor Statement
This news release contains forward-looking statements regarding future events and the future performance of Netlist. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected. These risks and uncertainties include, but are not limited to, continuing development, qualification and volume production of NetVault™ and HyperCloud™; the rapidly-changing nature of technology; risks associated with intellectual property, including the costs and unpredictability of litigation over infringement of our intellectual property; volatility in the pricing of DRAM ICs and NAND; changes in and uncertainty of customer acceptance of, and demand for, our existing products and products under development, including uncertainty of and/or delays in product orders and product qualifications; delays in the Company’s and its customers’ product releases and development; introductions of new products by competitors; changes in end-user demand for technology solutions; the Company’s ability to attract and retain skilled personnel; the Company’s reliance on suppliers of critical components; fluctuations in the market price of critical components; evolving industry standards; and the political and regulatory environment in the People’s Republic of China. Other risks and uncertainties are described in the Company’s annual report on Form 10-K, dated February 19, 2010, and subsequent filings with the U.S. Securities and Exchange Commission made by the Company from time to time. Except as required by law, Netlist undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Intellipharmaceutics (IPCI) Files ANDA With the FDA for Generic Protonix(R)
TORONTO, June 14, 2010 (GLOBE NEWSWIRE) — Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) today announced that is has filed an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration for a generic of Protonix® (delayed release pantoprazole sodium). Protonix inhibits gastric acid secretion and is prescribed for the short-term treatment of conditions such as stomach ulcers associated with gastroesophageal reflux disease as well as the long term treatment of pathological hypersecretory conditions including Zollinger-Ellison syndrome. Sales of pantoprazole sodium delayed-release tablets in the United States were approximately $1.8 billion in 2009. Pantoprazole delayed-release tablets is the fourth ANDA product candidate that Intellipharmaceutics has disclosed from its 15 product pipeline, which includes both ANDA product candidates and the development of new drugs through the S.505(b)(2) New Drug Application (NDA) regulatory pathway.
“I am extremely pleased with the progress we continue to make with the advancement of our product pipeline,” commented Dr. Isa Odidi, CEO of Intellipharmaceutics. “Protonix is the second ANDA we have filed with the FDA this year and, together with Focalin XR and Effexor XR, it represents another potential source of future revenue from our Company’s ANDA pipeline.”
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel controlled and targeted release oral solid dosage drugs. The Company’s patented Hypermatrix™ technology is a unique and validated multidimensional controlled-release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of products in various stages of development in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection.
The Intellipharmaceutics International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6957
Certain statements in this document constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and/or “forward-looking information” under the Securities Act (Ontario). These statements include, without limitation, statements regarding the status of development or expenditures relating to our business, plans to fund our current activities, statements concerning our partnering activities, health regulatory submissions, strategy, future operations, future financial position, future revenues and projected costs. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimated”, “predicts”, “potential”, “continue”, “intends”, “could”, or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of these forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, securing and maintaining corporate alliances, the need for additional capital and the effect of capital market conditions and other factors, including the current status of our programs, on capital availability, the potential dilutive effects of any financing, the timing of our programs to research, develop and commercialize our products, the timing and costs of obtaining regulatory approvals, our estimates regarding our capital requirements and future revenues, the timing and amount of investment tax credits, and other risks detailed from time to time in our public disclosure documents or other filings with the securities commissions or other securities regulatory bodies in Canada and the U.S. Additional risks and uncertainties relating to IPC and our business can be found in the “Risk Factors” section of our annual information form dated February 26, 2010, as well as in our other public filings. The forward-looking statements are made as of the date hereof, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Delcath Systems (DCTH) to Conduct Conference Call to Discuss Recent Corporate Developments
NEW YORK, June 11 /PRNewswire-FirstCall/ — Delcath Systems, Inc. (Nasdaq:DCTH – News) a development stage, specialty pharmaceutical and medical device company focused on oncology will host a conference call to discuss recent corporate developments on Tuesday, June 15, 2010 at 4:30 p.m., Eastern. Eamonn P. Hobbs, the Company’s President and CEO, David McDonald, CFO, and Krishna Kandarpa, MD, Chief Medical Officer, will be on hand during the call and webcast. In addition, three leading clinicians familiar with the Phase III trial data comparing percutaneous hepatic perfusion (PHP) with melphalan to the best alternative care for patients with hepatic metastases from ocular or cutaneous melanoma will participate in the conference call. The dial-in number for the conference call is 800-762-8779 for domestic participants and 480-629-9771 for international participants.
“We look forward to updating our shareholders about the recent progress made by our Company as well as answering questions regarding the very strong data presented at the ASCO conference this past weekend,” said Mr. Hobbs. “While we believe the recent decline in the value of our shares is unfortunate and an overreaction, the fundamental outlook for our company remains strong. We believe we have excellent clinical data, significant market opportunity and a strong balance sheet with enough cash to execute our current business plan for at least the next 12 months. In addition, we continue to pursue negotiations with potential partners for international marketing rights for the Delcath PHP system.”
A taped replay of the conference call will also be available beginning approximately one hour after the call’s conclusion and will be available for seven days. This replay can be accessed by dialing 800-406-7325 for domestic callers and 303-590-3030 for international callers, both using passcode 4317816#. To access the live webcast of the call, go to Delcath’s website at http://www.delcath.com/. An archived webcast will also be available at http://www.delcath.com/ for 90 days.
About Delcath Systems
Delcath Systems, Inc. is a development stage, specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other therapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. Delcath recently concluded a Phase III metastatic melanoma study, and the Company is currently conducting a multi-arm Phase II trial to treat other liver cancers. The Company has not yet received FDA or any foreign regulatory approval for commercial sale of its system. For more information, please visit the Company’s website at http://www.delcath.com/.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to the acceptability of the Phase III clinical trial data by the FDA, our ability to successfully complete an FDA new drug application, acceptance of the new drug application by the FDA, approval by the FDA or other regulatory authorities of the current or future drug delivery system for the treatment of metastatic melanoma, our ability to successfully complete other clinical trials and secure regulatory approval of our current or future drug-delivery system for the treatment of other liver cancers and other organs, the market acceptance and potential of chemosaturation therapy via PHP as a treatment for patients with terminal metastatic disease in the liver, actions by the FDA or other regulatory agencies and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
Danone to Acquire Medical Nutrition USA, Inc. (MDNU)
ENGLEWOOD, NJ–(Marketwire – 06/11/10) – Medical Nutrition USA, Inc. (NASDAQ:MDNU – News) (and referred to herein as “MNI”), a developer and distributor of nutrition-medicine products, today announced that it has entered into a definitive merger agreement with Danone North America, Inc. (“Danone”), under which Danone will acquire all the outstanding shares of MNI for $4.00 per share in cash, in a transaction valued at approximately $62.3 million.
Under the terms of the merger agreement, a wholly owned subsidiary of Danone will merge into MNI, with MNI as the surviving corporation, and each outstanding share of common stock of MNI (other than dissenting shares) will be converted into the right to receive $4.00 per share, in cash. This price represents a premium of 44% over the closing share price of MNI’s common stock on June 10, 2010. The Board of Directors of MNI has unanimously approved the merger. In addition, holders of shares of MNI common stock constituting a majority of MNI’s outstanding shares have executed and delivered to MNI written consents adopting the merger agreement, as a result of which the required stockholder approval of the merger has been obtained and no further action by MNI stockholders is required in connection with the transaction.
The closing of the merger is subject to the satisfaction or waiver of customary closing conditions, including the filing of an Information Statement on Schedule 14C in respect of the merger with the Securities and Exchange Commission, the distribution of the Information Statement to all of MNI’s stockholders, the absence of any legal restraint, injunction or other action that would prohibit the merger, and the absence of any event that constitutes a material adverse effect (as defined in the merger agreement) on MNI. The transaction is expected to close early in the third calendar quarter.
“The merger is a wonderful opportunity for MNI customers, employees and shareholders alike,” Frank A. Newman, MNI Chairman and Chief Executive Officer, said. “It provides MNI stockholders with the opportunity to realize a substantial premium to MNI’s current share price, and the combination of Danone’s global reach and research in pediatric medical nutrition with MNI’s product leadership in nutrition medicine for the elderly represents a formidable coupling of complementary strengths that will benefit our customers and employees.”
Flemming Morgan, President of Medical Nutrition for Danone, said, “I am delighted that the MNI team will be joining our medical nutrition division, including Nutricia North America. MNI has developed solid access to the very promising long term care channel, while Danone’s medical nutrition products in the US are mainly aimed at infants and distributed in pharmacies. Because MNI’s competencies and successful product lines are so complementary to ours, the combination of the two businesses will reinforce Danone’s leadership in Advanced Medical Nutrition, and allow us to expand our reach and benefit the quality of life of more patients, particularly in the US.”
Please see the “Additional Information and Where to Find it” section below for further information regarding the merger that will be made available to all stockholders.
About Medical Nutrition USA, Inc.
Medical Nutrition USA develops and distributes products for the nutritionally at risk who are under medical supervision. Its products are used primarily in long-term care facilities, hospitals, dialysis clinics and bariatric clinics. The Company’s product lines include Pro-Stat®, Fiber-Stat®, UTI-Stat® and Diff-Stat® as well as private label products. Additional information is available at http://www.mdnu.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the merger between MNI and Danone, including future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of MNI and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Statements made in the future tense, and words such as “anticipate”, “expect”, “project”, “continue”, “believe”, “plan”, “estimate”, “intend”, “will”, “may” and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and are beyond the control of MNI. Relevant risks and uncertainties include those referenced in MNI’s filings with the Securities and Exchange Commission (the “SEC”) which can be obtained as described in “Additional Information and Where to Find It” below. Risks and uncertainties relating to the merger include: failure to consummate or delay in consummating the merger; changes in laws or regulations; and changes in general economic conditions. These risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, and therefore should be carefully considered. The information contained in this press release is as of June 11, 2010. Except to the extent required by law, MNI assumes no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments.
Additional Information and Where to Find It
In connection with the merger, MNI will file with the SEC an Information Statement on Schedule 14C, which will include additional information about the parties to the merger. The Information Statement will be mailed to stockholders of MNI. MNI stockholders are encouraged to read the Information Statement and other relevant materials filed with the SEC carefully because they will contain important information about MNI and the merger.
The Information Statement will be, and other documents filed or to be filed by MNI with the SEC are or will be, available free of charge at the SEC’s web site (http://www.sec.gov/), by accessing MNI’s website at http://www.mdnu.com/, under the heading “Investor Relations / Financial Information,” and from MNI by directing a request to Medical Nutrition USA, Inc., 10 West Forest Avenue, Englewood, New Jersey 07631, Attention: Investor Relations.
Furiex Pharmaceuticals (FURXV) Confirms Takeda Receives Pricing Approval of NESINA® (Alogliptin) in Japan
MORRISVILLE, N.C.–(BUSINESS WIRE)–Furiex Pharmaceuticals, Inc. (Nasdaq: FURXV – News) today confirmed that Takeda Pharmaceutical Company Limited has received pricing approval for NESINA® (alogliptin) in Japan. NESINA, a highly selective DPP-4 inhibitor for the treatment of type 2 diabetes, received regulatory approval from the Japanese Ministry of Health, Labour and Welfare on April 16, 2010. Furiex collaborated with Takeda to develop this product.
Under the agreement with Takeda, upon receipt of both regulatory and pricing approvals, Furiex is entitled to receive a $7.5 million milestone payment from Takeda.
“Receiving pricing approval for NESINA in Japan represents another important milestone for both NESINA and Furiex,” said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex. “This approval confirms our strategy of developing innovative clinical development partnerships to bring new medicines to market.”
PPD, a leading global contract research organization, plans to complete the spin-off of its compound partnering business as Furiex Pharmaceuticals, Inc., on June 14, at which point Furiex will operate as an independent, publicly traded company. Its common stock began trading on a “when issued” basis on May 28, 2010, on Nasdaq under the ticker symbol FURXV. The common stock is expected to begin “regular way” trading under the ticker symbol FURX at the start of trading on June 15, 2010.
About Furiex Pharmaceuticals
Furiex Pharmaceuticals is a drug development collaboration company using innovative clinical development design to accelerate and increase value of partnered drug programs by advancing them through the drug discovery and development process in a cost-efficient manner. Development programs are designed and driven by a core team with extensive drug development experience. The company partners with pharmaceutical and biotechnology companies and has a strong, diversified product portfolio and pipeline with multiple therapeutic candidates including late-stage assets and one product on the market. The company is well capitalized with a strong cash position and committed to sustainable growth, value creation and long-term profitability.
Except for historical information, all of the statements, expectations and assumptions contained in this news release, including expectations and assumptions about the pricing approval and sales levels of NESINA in Japan, are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: the risk that the spin-off may not be completed; risks inherent in organizing a new publicly traded company; risks associated with and dependence on collaborative relationships; risks associated with the development and commercialization of drugs, including the ability to successfully launch and market a drug; the risk that safety issues might arise in the post-approval market; competition in the type 2 diabetes drug market, rapid technological advances that make our products less competitive; the ability to attract and retain key personnel; and the other risk factors set forth from time to time in the Form 10 for Furiex, copies of which are available free of charge upon request from Furiex’s investor relations department.
Lucas Energy (LEI) Announces Five Workover Rigs Running in Eagle Ford Trend
HOUSTON, June 11, 2010 (GLOBE NEWSWIRE) — Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the “Company”) based in Houston, Texas, today announced that the Company has five (5) workover rigs running in the Eagle Ford – Austin Chalk Trend area. Three of the workover rigs are working on re-entries of old, abandoned wells, and one of the workover rigs is drilling a new lateral in the Austin Chalk formation. The Company will log and/or test the Eagle Ford formation in at least three wells within the next month.
William A. Sawyer, President and CEO of Lucas Energy, said, “The workover activities of Lucas Energy are the focus of our business plan to re-enter old wells and put them back on production. Development of the underlying upside potential in the Eagle Ford and Buda formations will continue to be done in conjunction with our joint venture partners to reduce risk, and financial exposure to the Company.” For more information on this and other activities of the Company, see the Lucas Energy web site http://www.lucasenergy.com/.
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words “expects,” “projects,” “plans,” “feels,” “anticipates” and certain of the other foregoing statements may be deemed “forward-looking statements.” Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. The Company’s complete filings with the Securities and Exchange Commission are available at http://www.sec.gov
Magnum Hunter Resources (MHR) Declares Cash Dividend on Series C Perpetual Preferred Stock
HOUSTON, TX–(Marketwire – 06/11/10) – Magnum Hunter Resources Corporation (AMEX:MHR – News) (AMEX:MHR-PC – News) (“Magnum Hunter,” or the “Company”) announced today that it has declared a cash dividend on the Company’s 10.25% Series C Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”).
The dividend on the Series C Preferred Stock is payable on June 30, 2010, to holders of record on June 18, 2010. The payment will be an annualized 10.25% per share, which is equivalent to approximately $0.6318 per share based on the $25.00 face value. The Series C Preferred Stock is currently listed on the NYSE Amex.
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas-based independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States. The Company is presently active in three of the “big four” emerging unconventional shale plays in the United States.
For more information, please view our website at: http://www.magnumhunterresources.com/
Forward-Looking Statements
This press release contains statements concerning Magnum Hunter Resources Corporation’s expectations, beliefs, plans, intentions, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements and others contained in this presentation that are not historical are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended(the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995(the “Litigation Reform Act”). Actual results may differ materially from those expressed or implied by these statements. You can generally identify our forward-looking statements by the words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “may”, “objective”, “plan”, “potential”, “predict”, “projection”, “should”, “will”, or other similar words. Such forward-looking statements relate to, among other things (1) the Company’s proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, (3) the Company’s proposed redirection as an operator of certain properties, and (4) estimates regarding the reserve potential of its various properties. These statements are qualified by important factors that could cause the Company’s actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company’s ability to finance the continued exploration, drilling and operation of its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties, (3) the general risks associated with oil and gas exploration, development and operations, including those risks and factors described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company’s Annual Report on Form 10-K for the period ended December 31, 2009 filed on March 31, 2010, and the Company’s Quarterly Reports on Form 10-Q for the for the quarters ending June 30, 2009, September 30, 2009 and March 31, 2010, filed on August 14, 2009, November 16, 200 and may 17, 2010, respectively. Magnum Hunter Resources Corporation cautions readers not to place undue reliance on any forward-looking statements. Magnum Hunter Resources Corporation does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Arrhythmia Research Technology, Inc. (HRT) Announces Special Report on SAECG Role in Diagnosing ARVC/D
FITCHBURG, MA–(Marketwire – 06/09/10) – Arrhythmia Research Technology, Inc. (the “Company” or “ART”) (AMEX:HRT – News) is pleased to announce that the Signal Averaged Electrocardiogram (“SAECG”) has been identified as one of the non-invasive tests shown to increase the detection of patients afflicted with Arrhythmogenic Right Ventricular Cardiomyopathy/Dysplasia (“ARVC/D”). This finding was published in a Special Report by a prestigious international ARVC/D task force in the April 6, 2010 edition of “Circulation,” the American Heart Association scientific journal.
Arrhythmogenic right ventricular cardiomyopathy/dysplasia (ARVC/D) is a genetic cardiomyopathy characterized by structural abnormalities of the right ventricle and ventricular arrhythmias. In ARVC/D there is replacement of right ventricular myocardium with fatty and fibrous tissue. These pathologic changes in the right ventricle produce the substrate for malignant ventricular arrhythmias. The prevalence of ARVC/D is relatively uncommon but may account for up to 20 percent of cases of sudden death among young individuals and is an important cause of sudden cardiac death in young athletes.
The task force, comprising a multidisciplinary team of noted electrophysiologists and scientific researchers, has presented modified criteria to incorporate new knowledge and technology to improve diagnostic sensitivity, with the important requisite of maintaining diagnostic specificity, in the diagnosis of ARVC/D. The new criteria regarding the detection of ventricular late potentials by Signal-Averaged Electrocardiogram (SAECG) serves to increase the percentage of correctly diagnosed patients that actually have ARVC/D. The revised criteria improves the sensitivity of the diagnosis, while preserving the accuracy of the tests in identifying healthy subjects that are truly not afflicted with the disease. As a result of the findings by the original task force in 1994, SAECG test results were considered positive for ventricular late potentials being present if any 2 out of 3 time domain parameters are positive. The new research findings regarding ARVC/D patient diagnosis show that the sensitivity of the SAECG test is increased if the SAECG test is considered positive as long as any 1 of the 3 time domain diagnostic parameters are found to be positive. The SAECG test adds value in the routine diagnosis of ARVC/D patients and as a screening method for family members. Other non-invasive tests used to diagnose ARVC/D include imaging modalities such as the echocardiogram and cardiac MRI.
Wojciech Zareba, MD, PhD, of the University of Rochester, a member of the task force and Director of ECG Core Lab for North-American ARVD Registry and one of the Principal Investigators for National Institutes for Health (“NIH”) funded ARVD study, that used ART’s patented Predictor® signal averaging software extensively, commented, “Signal averaging ECG should be considered as an important diagnostic modality when evaluating patients suspected for inherited arrhythmia disorders. The usefulness of SAECG has been clearly proven in diagnosing ARVD.”
James E. Rouse, the Company’s President and CEO, stated, “We are extremely pleased that SAECG has been identified as an important diagnostic tool in the identification of people who may suffer from this very serious disease. We are honored that the task force chose the Company’s 1200 EPX hardware and Predictor® software for use in its investigation which we hope will produce life saving benefits for patients and their families. The Company’s Predictor software platform has long been recognized as the ‘gold standard’ in signal averaging and we are excited about the market prospects as SAECG becomes more widely used as an important diagnostic technology.”
Signal averaging, which improves the signal to noise ratio, is a well-recognized technique used to detect ventricular late potentials in post myocardial infarction patients.
About Arrhythmia Research Technology, Inc.
The Company’s products include proprietary signal-averaging electrocardiography (SAECG) software used in the detection of potentially lethal heart arrhythmias. The Company through its wholly owned subsidiary Micron Products, Inc. manufactures silver plated and non-silver plated conductive resin sensors and distributes metal snaps used in the manufacture of disposable ECG, EEG, EMS and TENS electrodes. Micron’s MIT division provides end-to-end product life cycle management through a comprehensive portfolio of value-added services such as design, engineering, prototyping, manufacturing, machining, assembly and packaging. MIT manufactures custom injection molded products for medical, electronic, industrial and consumer applications, and provides high end mold design, manufacturing and precision machining for various industries.
For more information please visit our websites:
http://www.arthrt.com
http://www.micronproducts.com
http://www.micronintegrated.com
Forward-Looking Statements
Forward-looking statements made herein are based on current expectations of the Company that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. The factors that could cause actual results to differ materially include: our ability to maintain our current pricing model and/or decrease our cost of sales; continued availability of supplies or materials used in manufacturing at competitive prices; volatility in commodity and energy prices and our ability to offset higher costs with price increases; the costs inherent with complying with new statutes and regulations; variability of customer delivery requirements; our ability to efficiently integrate future acquisitions and other new lines of business that the Company may enter in the future. More information about factors that potentially could affect the Company’s financial results is included in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2009.
American Capital (ACAS) Announces Extension of Exchange Offers
BETHESDA, Md., June 9 /PRNewswire-FirstCall/ — American Capital, Ltd. (Nasdaq: ACAS) (the “Company”) announced today that it has extended (i) the expiration time of its private offers to exchange its outstanding unsecured public and private notes for cash payments and new secured notes (the “Exchange Offers”) and consent solicitation of its outstanding public notes (the “Consent Solicitation”) and (ii) the voting deadline of its solicitation of votes to accept a standby plan of reorganization (the “Standby Plan Solicitation”).
The Exchange Offers, the Consent Solicitation and the Standby Plan Solicitation were previously scheduled to expire at 5.00 p.m. New York City time, on June 8, 2010 (as previously extended on June 2, 2010). The Exchange Offers, the Consent Solicitation and the Standby Plan Solicitation have each been extended until 11:59 p.m., New York City time, on June 9, 2010, unless further extended or earlier terminated. All other terms of the Exchange Offers, the Consent Solicitation and the standby plan of reorganization (the “Standby Plan”) remain unchanged. There will continue to be no right to withdraw public and private notes once tendered and no right to revoke votes to accept the Standby Plan once submitted.
The Company has been advised of the following information by, as applicable, the exchange agent for the Exchange Offers and the voting agent for the Standby Plan, as of 5:00 p.m. New York City time on June 8, 2010:
- With regard to lenders under the Company’s existing credit agreement, whose approximately $1.4 billion of claims constitute Class 3, Existing Credit Agreement Claims, under the Standby Plan, all of the lenders by outstanding principal amount participated in the solicitation of votes for the Standby Plan, with 100% in principal amount and 100% in number of votes cast supporting the Standby Plan. Although the lenders under the existing credit agreement do not participate in the Exchange Offers, as previously announced, they are parties to a lockup agreement pursuant to which they are obligated to undertake a restructuring of the credit agreement on terms equivalent to those offered to the holders of the Company’s unsecured public and private notes in the Exchange Offers.
- With regard to the holders of the Company’s unsecured private notes (the “Private Notes”), whose approximately $406 million in claims constitute Class 4, Private Notes Claims, under the Standby Plan, approximately 70% of holders by outstanding principal amount participated in the solicitation of votes for the Standby Plan, of which 100% in principal amount and 100% in number of votes cast supported the Standby Plan. With regard to the Exchange Offers, the following unsecured private notes have been tendered:
- $83.7 million in aggregate principal amount (100%) of outstanding 5.92% Senior Notes, Series A due September 1, 2009.
- $94.9 million in aggregate principal amount (100%) of outstanding 6.46% Senior Notes, Series B due September 1, 2011.
- $134.2 million in aggregate principal amount (100%) of outstanding 6.14% Senior Notes, Series 2005-A due August 1, 2010.
- None of the outstanding Floating Rate Senior Notes, Series 2005-B due October 30, 2020.
- euro 14.8 million in aggregate principal amount (100%) of outstanding 5.177% Senior Notes, Series 2006-A due February 9, 2011.
- 3.3 million pounds Sterling in aggregate principal amount (100%) of outstanding 6.565% Senior Notes, Series 2006-B due February 9, 2011.
- With regard to the holders of the Company’s unsecured public 6.85% Senior Notes due August 1, 2012 (the “Public Notes”), whose approximately $550 million in claims constitute Class 6, Public Notes Claims, under the Standby Plan, approximately 79.7% of holders by outstanding principal amount participated in the solicitation of votes for the Standby Plan, of which approximately 5.71% in principal amount and 14.0% in number of votes cast supported the Standby Plan. With regard to the Exchange Offers, $37.4 million in aggregate principal amount (approximately 6.8%) of outstanding unsecured public notes have been tendered and the same percentage has voted in favor of the Consent Solicitation.
- With regard to the holders of the Company’s outstanding swap agreements, whose claims constitute Class 7, Swap Claims, under the Standby Plan, all of the holders by notional amount participated in the solicitation of votes for the Standby Plan, with 100% in notional amount and 100% in number of votes cast supporting the Standby Plan.
This press release and its contents are not an offer to sell or purchase or an offer to exchange or a solicitation of acceptance of an offer to sell or purchase or offer to exchange any security. Any such offer or solicitation shall be made solely by means of an offering memorandum or other offer document furnished to existing securityholders and any securities that are offered have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $14 billion in capital resources under management and eight offices in the U.S., Europe and Asia. For further information, please refer to www.AmericanCapital.com.
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions or changes in the conditions of the industries in which American Capital has made investments.
FSI International, Inc. (FSII) Announces Pricing of Public Offering of its Common Stock
Jun. 9, 2010 (Business Wire) — FSI International, Inc. (Nasdaq:FSII), a manufacturer of capital equipment for the microelectronics industry, today announced that its underwritten public offering of 5,400,000 shares of its common stock was priced at $3.05 per share. In addition, the underwriters have been granted an option to purchase up to an additional 810,000 shares of the Company’s common stock within 30 days, solely to cover over-allotments. The Company intends to use the net proceeds from this offering for general corporate and working capital purposes. The transaction is expected to close on or about June 14, 2010, subject to customary closing conditions. Craig-Hallum Capital Group LLC is serving as the sole book-running manager for the offering and Dougherty & Company LLC is serving as the co-manager.
The shares will be issued pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on April 12, 2010. A copy of the preliminary prospectus supplement and accompanying base prospectus have been filed, and the prospectus supplement with accompanying prospectus will be filed, in accordance with the rules and regulations of the SEC and will be available on the SEC’s website, www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying base prospectus, and, when available, the prospectus supplement with accompanying base prospectus, for the offering may be obtained from Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402 at 612.334.6300.
This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any security of the Company, nor will there be any sale of such security in any state or jurisdiction in which such offer, sale or solicitation would be unlawful. The offering may be made only by means of a prospectus supplement and the accompanying base prospectus or by a free writing prospectus in accordance with the rules and regulations of the SEC.
About FSI
FSI International, Inc. is a global supplier of surface conditioning equipment, technology and support services for microelectronics manufacturing. For more information, visit FSI’s website at http://www.fsi-intl.com, or call Benno Sand, 952.448.8936.
TEOCO (TTIL) to Acquire TTI Telecom in an All-Cash Transaction
FAIRFAX, Va. and ROSH HA’AYIN, Israel, June 9, 2010 (GLOBE NEWSWIRE) — TEOCO Corporation (“TEOCO”), a market leader in providing cost, routing, and revenue management solutions to leading communications service providers worldwide, and TTI Team Telecom International Ltd. (Nasdaq:TTIL), a global supplier of Operations Support Systems (OSS) to communications service providers, announced today that they have entered into a definitive merger agreement, whereby TEOCO will acquire TTI Telecom in a transaction valued at approximately US$58.0 million, subject to adjustments.
Under the terms of the merger agreement, TTI Telecom preferred and ordinary shareholders will receive US$3.00 per share in cash at the closing, without interest and less applicable withholding tax. This purchase price per share may be increased or decreased at closing to the extent that TTI Telecom’s cash balance immediately prior to closing is above or below the respective agreed upon amounts, and will be decreased to the extent TTI Telecom’s transaction expenses are above an agreed upon amount, with a minimum share price of US$2.90. The Company advises that it currently does not expect an upward adjustment above the US$3.00 per share merger consideration.
The price per share of US$3.00 represents a premium of approximately 50% over the Company’s average closing share price during the 90 trading days ended June 8, 2010. The Board of Directors of TTI Telecom approved the agreement and recommended that TTI shareholders vote in favor of the transaction.
Atul Jain, Chairman and Chief Executive Officer, TEOCO Corporation, said, “We believe that adding TTI’s employees, assets, and solutions under one umbrella will enable TEOCO to provide unprecedented value to our respective clients. This combination brings together two industry leaders whose solutions contribute greatly to increasing the profitability and success of global communications service providers.”
“I am very impressed with the caliber of the people in TTI and their deep expertise in network management. We plan to bring the talent of the two teams together over the next 12 months, which will yield greater innovation for our clients and create an exciting work environment for our employees,” Mr. Jain concluded.
Meir Lipshes, Chairman of the Board of Directors and Chief Executive Officer of TTI Telecom, commented on the transaction, “Although encouraged by the latest technical evolutions in the OSS market and by the planning of a new LTE solution, we also recognized, in light of recent years’ series of acquisitions of smaller OSS companies by larger competitors, the challenges of continuing the path as an independent public company operating in a competitive and consolidating market. Therefore, after a careful and thorough analysis, and with the completion of extensive negotiations with TEOCO, the Board of Directors has decided to endorse this transaction as being in the best interest of our shareholders, customers and employees. We have high regards for TEOCO and are excited about the future opportunities that this transaction presents to our shareholders, partners, customers and employees.”
Key Benefits of the Transaction
This combination will result in a company whose international business will be a significant contributor to its growth which, along with TEOCO’s success in North America, will allow it to offer increased value to communications service providers worldwide. TEOCO and TTI Telecom have a combined 35 years of industry expertise and serve over 75 communications service providers worldwide. Other key benefits include:
- Greater Value for Customers – The combined company unifies Cost, Revenue, Routing, and Network Management in one global organization. This means greater product integration, improved global customer service, and solutions that deliver greater value for our customers.
- Deep Industry Expertise – The combined company will have over 600 employees whose key expertise is dedicated to support global communication service providers. Many of these individuals are thought leaders in LTE, WI-Max, VoIP as well as traditional voice technologies.
- Financial Strength and Flexibility– The combined company will be financially strong and profitable. With over 75 global customers, representing 25 countries, the company has the ability to make the R&D investments necessary to support and deploy solutions for the next generation of communication technologies.
Timing; Go-Shop and Approvals
The closing of the transaction is subject to shareholders approval, including separate class meetings of the ordinary and preferred shares; certain regulatory approvals; and other customary closing conditions. There is no financing condition to the obligations of TEOCO to consummate the transaction and it is currently anticipated that the transaction will be consummated in the third quarter of 2010. Upon the closing of the transaction, TTI ordinary shares would no longer be traded on NASDAQ.
Under the terms of the agreement, TTI Telecom may, subject to compliance with various conditions, actively solicit superior proposals from third parties until July 9, 2010 and may consider unsolicited proposals made by third parties. TEOCO has a right to match any superior proposal. TTI Telecom does not intend to disclose developments with respect to this solicitation process, except as may be required by law. There can be no assurance that the solicitation of superior proposals will result in an alternative transaction. If the Company accepts a superior proposal, a break-up fee would be payable by the Company to TEOCO.
Holders of an aggregate of approximately 24% of TTI’s outstanding ordinary and preferred shares, on an as converted basis, have entered into voting undertakings with TEOCO under which they have agreed to vote their shares in favor of the transaction. These undertakings will expire upon termination of the merger agreement.
Advisors
Oppenheimer & Co. Inc. served as TTI Telecom’s exclusive financial advisor, and Goldfarb, Levy, Eran, Meiri, Tzafrir & Co. and McDermott Will & Emery LLP served as TTI Telecom’s legal counsels. Meitar Liquornik Geva & Leshem Brandwein served as legal counsel to TEOCO.
About TEOCO
TEOCO is the market leader in providing cost, routing, and revenue management solutions to leading communications service providers worldwide. Over 50 of the industry’s leading providers trust TEOCO to deliver unparalleled visibility and control over their operations. Fueled by industry leading expertise and innovative technologies, TEOCO saved its customers several hundred million dollars last year alone.
Founded in 1995, TEOCO (The Employee Owned Company) has been ranked one of the fastest growing companies by Inc. Magazine on three occasions. TEOCO is widely recognized for its commitment to principled entrepreneurship, business ethics and employee ownership with a particular emphasis on its core values of alignment with employees, clients and community. TEOCO has recently been invested in by TA Associates, a $16B global growth private equity firm based in Boston, MA. For more information, please visit www.teoco.com.
About TTI Telecom
TTI Team Telecom International Ltd. is a leading provider of next generation Operations Support Systems (OSS) to communications service providers worldwide. The Company’s Netrac portfolio delivers an automated, proactive and customer-centric approach to service assurance and network management.
Anchored by market-leading service assurance solutions — Fault Management (FaM) and Performance Management (PMM) — that give customers an end-to-end view of their network, TTI’s Netrac enables service providers to reduce operating costs, enhance profitability and launch new, revenue-generating services more rapidly. Netrac is compatible with multiple technologies and industry standards, and is uniquely positioned to bridge legacy, next-generation, convergent, and IMS Networks. TTI Telecom’s customer base consists of tier-one and tier-two service providers globally, including large incumbents in the Americas, Europe and Asia-Pacific. For more information, please visit www.tti-telecom.com.
Additional Important Information and Where to Find It
In connection with the proposed transaction, TTI Telecom will prepare a proxy statement to be delivered to its shareholders. INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING WITH RESPECT TO THE POTENTIAL ADJUSTMENTS IN THE PER SHARE MERGER CONSIDERATION. The proxy statement and other documents may be obtained for free from the Company’s Web site at www.tti-telecom.com/investor-relations or by directing such request to TTI Investor Relations below.
Forward-Looking Statements
Certain statements in this press release, including but not limited to those relating to the proposed merger transaction, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TTI Telecom to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. Various factors that could cause actual results to differ materially from those expressed in such forward-looking statements include but are not limited to risks associated with uncertainty as to whether the merger transaction will be completed; the potential adjustments to the purchase price per share; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; costs and potential litigation associated with the merger transaction; the failure of either party to meet the closing conditions set forth in the merger agreement; risks that the proposed merger transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; the distraction of management and TTI Telecom resulting from the proposed transaction; and the other risk factors discussed from time to time by TTI Telecom in reports filed or furnished with the Securities and Exchange Commission (“SEC”).
In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for TTI Telecom’s ongoing obligations to disclose material information under the federal securities laws, TTI Telecom undertakes no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.
CONTACT: TTI Team Telecom International Ltd.
Rebecca (Rivi) Aspler, Investor Relations Director
+972-3-926-9093
Mobile: +972-54-777-9093
Fax: +972-3-926-9574
rebecca.aspler@tti-telecom.com
TEOCO Corporation
Kristy McDaniel, Marketing Communications Director
+01 703-259-4322
Mobile: +01 571-232-3166
Fax: +01 703-259-4430
mcdanielk@teoco.com
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